Tesla is partnering with Toyota in the production of the Model S, a fully electric sedan priced below $50,000 and scheduled for availability in 2012.

A couple of weeks ago, a friend of mine posted to my Facebook page news of the Smart Car’s fully electric model available in 2012. I responded back that even this ideal alternative fuel feature couldn’t win me over to the Smart Car design, electric or not. I posted a link to the elite Tesla Roadster, noting that I would hold out for a model under $100,000. Way under.

Looks like I’m getting my wish.

Tesla is partnering with Toyota in the production of the Model S, a fully electric sedan priced below $50,000 and scheduled for availability in 2012.

Though the Tesla Roadster sells for a hundred grand, it has only sold 1,063 Roadsters since 2003. As a result, Tesla Motors is losing money, thus its foray into production of a model affordable enough to go mainstream.

In addition to a $465 million loan from the Department of Energy for the Model S production, Tesla is hoping to raise an additional $185 million through its intial public offering this year (IPO). Then after the IPO, Toyota has committed to investing $50 million into the Model S.

Beyond the $50 million incentive for partnering with Toyota, Tesla will be using one of its plants, utilizing the “Toyota Production System” that Toyota has successfully used to cut down on production waste.

The Model S will sell for $49,900, including a federal tax credit for $7,500. The features of this fully electric luxury car include:

• 300-mile range
• 45-minute QuickCharge
• 0-60 mph in 5.6 seconds
• Seats 7 people
• More cargo space than sedans
• 2X as efficient as hybrids
• 17 inch infotainment touchscreen

And you can use any electric outlet to charge the car.

Tesla is taking “reservations” for the Model S, with deliveries expected in 2012. As for the IPO, 11.1 million shares of Tesla stock are expected to go on sale later this year for between $14 and $16 each.

Meredith Simonds Solar 2012, alternative fuel, electric car, Model S, Tesla Motors, Tesla Roadster, Toyota