On Thursday, March 26, Tesla Motors Inc., the California electric start-up well-known for producing its electric Roadster sports car for the rich and famous, unveiled the four-door Model S "family" sedan set to go in production during the third quarter of 2011.

The Model S will have a base price of $49,900 after the available U.S. tax credit of $7,500 for electric vehicles. The car was introduced by Elon Musk, Tesla CEO, and founder of PayPal, who said, "The $49,000 actually is accessible to most of America. You do have to make an assumption about gasoline prices."

Musk said the price is comparable to that of a $35,000 car after considering the cost of refueling and assuming that gasoline prices reach $4 a gallon again. A production run of 20,000 a year has been set, and Musk acknowledged that at that level its presence would "still [be] small for the global car market."

Operating out of San Carlos, California, Tesla presently markets its Roadster for $109,000. Celebrities currently driving the car include California Gov. Arnold Schwarzenegger, actor and activist George Clooney, and Google Inc. co-founders Sergey Brin and Larry Page.

Musk insists the Model S is intended for a wider audience and that Tesla is committed to making the car "as affordable as possible." He said he anticipated that the Model S would appeal to those drivers currently buying mid-range to premium sedans.