Tesla and Toyota today announced that the two companies have signed an agreement to initiate the development of an electric version of the RAV4 as announced in May of this year by Elon Musk and Akio Toyoda. With an aim to market the EV in the United States in 2012, prototypes will be made combining the Toyota RAV4 model with a Tesla electric powertrain. Tesla plans to produce and deliver a fleet of prototypes to Toyota for evaluation within this year. The first prototype has already been built and is now undergoing testing.

In May, Tesla and TMC announced their intent to cooperate on the development of electric vehicles, parts, and production system and engineering support. Tesla seeks to learn and benefit from Toyota’s engineering, manufacturing, and production expertise, while Toyota aims to learn from Tesla’s EV technology, daring spirit, quick decision-making, and flexibility.

TMC has, since its foundation in 1937, operated under the philosophy of “contributing to society through the manufacture of automobiles,” and made cars that satisfy its many customers around the world. TMC introduced the first-generation Prius hybrid vehicle in 1997. The company also plans to introduce EVs into the market by 2012.

Tesla’s goal is to produce increasingly affordable electric cars for mainstream buyers – relentlessly driving down the cost of EVs. California-based Tesla designs and manufactures EVs and EV powertrain components, and is currently the only automaker in the U.S. that builds and sells highway-capable EVs in serial production.

Electric vehicle manufacturer Tesla Motors will open its newest showroom this week in Denmark’s largest city.

Tesla’s 13th worldwide store is at Bredgade 35, in the heart of Copenhagen, recognized internationally as one of the world’s most environmentally friendly places. Copenhagen, which hosted the most recent UN Conference on Climate Change, generates a growing percentage of its grid’s energy from the famous offshore wind farm at Middelgrunden. The city is working to reduce CO2 emissions by 20 percent by 2015.

“People in Denmark believe in social responsibility, and the Tesla Roadster is the only electric vehicle that combines a world-class sports car with their values of environmental stewardship,” said Cristiano Carlutti, Tesla’s Vice President for European Sales and Operations. “We are thrilled that customers in Denmark and throughout Scandinavia have embraced not only the Roadster but the core business philosophy of Tesla Motors.”

The US Ambassador to Denmark, Laurie S. Fulton, will kick off festivities at 2 p.m. July 1. Tesla is hosting a media open house from 2 p.m. to 5 p.m., including test drives, executive interviews and surprise guests. An invitation-only VIP gala will follow in the evening, and the store will be open for prospective customers to test-drive the Roadster throughout the weekend.

The zero-emission Roadster does not pay traditional vehicle taxes in Denmark. By contrast, people who buy conventional petroleum-burning cars pay up to 180 percent car tax on top of the manufacturers’ sales price. Tax waivers combined with expensive gasoline prices mean that the Tesla Roadster is a tremendous value relative to comparable cars in Denmark.

Tesla’s founding goal is to produce energy-efficient cars for mass-market, mainstream consumers. Tesla deliberately started with the Roadster, a premium sports car aimed at affluent “thought leaders,” in order to establish a proof of technology and shatter the prevailing stereotype that electric cars are underpowered an unfashionable. Based in California’s Silicon Valley, Tesla has already been delivered more than 1,000 cars in at least 25 countries, and has forged strategic alliances with Daimler and Toyota to produce zero-emission cars.

The Roadster accelerates faster than other sports car in its price class yet has zero tailpipe emissions. It consumes no petroleum and plugs into conventional sockets – at owners’ garages or offices, hotels, parking decks or at a growing number of charging stations throughout Scandinavia. It’s the only sports car that can be fully or partially recharged by renewable energy – and several regional customers charge on 100 percent solar power from their photovoltaic panels or wind power from turbines.

Tesla Motors offered up its shares to the public for the first time on Tuesday, testing investors' faith in a company that has proven it can make functional and stunning electric cars but has never had a profitable quarter.

Tesla, which began trading on Nasdaq under the symbol "TSLA," priced its shares late Monday at $17 each, above the target range of $14 to $16. That allowed Tesla to raise more than $226 million in the IPO. It was the first IPO by an American automaker since Ford Motor Co.'s debut in 1956.

Investors snapped up shares when they hit the open market: Tesla's first trade on Nasdaq was for $19 a share.

PayPal founder Elon Musk's seven-year old auto company lost $55.7 million last year and $260.7 million since its inception. The company has performed so poorly from a financial standpoint that Musk recently said he lost his entire personal fortune on Tesla.

But investors are giddy about the Palo Alto, Calif.-based automaker's initial public offering, prompting Tesla on Monday to increase the number of shares it plans to offer by nearly a fifth to 13.3 million.

Much of the excitement is pegged to Tesla's launch of the Model S, an electric sedan that the company says will sell for a minimum of $50,000 in 2013. That's much more reasonable and practical for most consumers than the vehicle that Tesla currently sells, the $100,000 Roadster sports car.

The electric automaker plans to acquire a plant where it will produce 20,000 new Model S sedans each year starting in 2012. That's a significant increase from the 1,063 Roadsters it has sold -- total. But until the Model S goes on sale -- which won't be until 2013, Musk told CNNMoney.com -- Tesla said it will continue to pile up hefty losses.

"Investors that are interested in Tesla know that it's going to continue to burn cash until it gets Model S into commercial production," said Matt Therian, an analyst at IPO research firm Renaissance Capital in Greenwich, Conn. "Tesla investors are really looking out to 2012, with their investment very much tied to whether they think 20,000 is a conservative or an aggressive number."

There are many reasons to believe in Elon Musk & Co. Musk made his name -- and fortune -- on the success of electronic payment company PayPal, which was eventually acquired by eBay (EBAY, Fortune 500). And his space exploration technology company, SpaceX, earlier this month launched the first successful, privately funded spaceship with the capacity for human space transport.

Tesla doesn't just have the backing of the successful Musk. Earlier this year, Tesla borrowed $465 million from the Department of Energy to fund production of the Model S.

Last month, Toyota (TM) announced that it will invest $50 million in Tesla and indicated that it would be interested in doing business with Tesla in the future. Tesla has also partnered with Daimler to develop an electric version of Daimler's tiny Smart cars.

Reasons to be skeptical
Still, some experts say that there are several reasons for investors thinking of buying Tesla's stock to precede with caution.

By Tesla's own admission, the Model S has just one operable prototype, no final design or manufacturing process. The company also has not completed its purchase of the plant in which it plans to make the new car.

As a result, Tesla's timetable for bringing the Model S to market may be a reach: After first being announced in September 2008, the company's plans to produce the Model S in 2012 is ambitious even for larger, established automakers.

"Most experienced automakers race to put a car together in three years," said Angus MacKenzie, editor of Motor Trend magazine. "I can't see Tesla making more than a handful of these -- if any -- in 2012."

That's not good news, considering Tesla has competition coming to the stage quickly. Nissan will sell the electric Leaf and General Motors is ready to bring the hybrid-electric Chevrolet Volt to market next year -- a year ahead of the Model S.

The Nissan Leaf is set to get 100 miles to the charge with just a $25,000 price tag (after tax credits). The Volt will get 40 miles to the charge, but will also have a gas engine, and it will be sold for about $35,000.

The Tesla Model S will have a variety of range options from 160 miles to 300 miles per charge, but at double the price of the Leaf, Tesla will likely remain a niche automaker for some time.

What's more, Tesla has just 12 dealerships to sell and service its vehicles, compared with more than 1,000 Nissan dealers and thousands of Chevy dealerships in the United States.

"I'm struggling to see what Tesla's unique selling point is, to be frank," said MacKenzie.

But Tesla owns an undeniable "cool" factor that its competitors would love to have. The ultra-slick Roadster has a range of about 244 miles per charge, according to the company -- the first production electric vehicle to get more than 200 miles on a single charge. And it does zero to 60 miles per hour in just 3.9 seconds -- better than most similarly priced sports cars.

With the Model S, Tesla hopes that it can match "cool" with affordability and practicality and make its new investors happy.

Leading electric vehicle manufacturer Tesla Motors will open its newest showroom June 10 in Switzerland’s largest city.

The store – located at Pelikanstrasse 10, in the heart of Zurich -- will host a media preview with Roadster test drives and executive interviews June 10th from 10 a.m. to 4 p.m.

An invitation-only VIP gala with celebrity guests and other surprises will follow, including the delivery of a one-of-a-kind car – an Arctic white 2010 Roadster that recently stole worldwide headlines as the record-setting winner of the Monte Carlo Alternative Energy Rally, piloted by motorsport star Erik Comas.

Steps away from the city’s famous Bahnhofstrasse, the high-profile Zurich store will allow prospective customers to test drive the Roadster, the only all-electric car on sale and in production now. Tesla, which has already delivered more than 1,000 cars in at least 25 countries, sells its own vehicles and has forged strategic alliances with Daimler and Toyota to produce zero-emission cars.

Epicenter of Tesla’s fast-growing Swiss community

Tesla has already delivered about 50 Roadsters throughout Switzerland, the company’s largest per-capita market. The Zurich store will serve as the epicenter for Tesla's fast-growing Swiss community, and it will be the base for more zero-emission Alpine road rallies, owner-appreciation parties and other exclusive events.

"Tesla’s remarkable success in Switzerland makes perfect sense – testimony not only to Swiss consumers' longstanding focus on innovative technology but also to the Roadster's all-weather durability," said Cristiano Carlutti, Vice President of Tesla’s European sales and operations. "We certainly share their passion for both the environment and high-performance sports cars, and we look forward to becoming even closer to our community of customers and fans when we open the new showroom."

The Roadster accelerates faster than other sports car in its price class yet has zero tailpipe emissions. It consumes no petroleum and plugs into conventional sockets – at owners' garages or offices, hotels, parking decks or at a growing number of charging stations throughout Switzerland. It’s the only sports car that can be fully or partially recharged by renewable energy – and several Swiss customers charge on 100 percent solar power from their photovoltaic panels.

Unlike petrol-powered vehicles, the single-speed Roadster does not require oxygen and therefore does not lose efficiency at altitude. Roadster drivers can drive with utmost confidence on Alpine passes, enjoying the car’s legendary torque without lag or downshifting. Regenerative braking allows the Roadster to recover energy on downhill stretches. Sophisticated power management software means the Roadster's revolutionary traction control is almost instantaneous.

The Roadster qualifies for numerous incentives in Switzerland, a hydroelectricity-dominated country with one of the cleanest grids in Europe. In some cantons, EVs get a 100 percent waiver of the annual road tax. Some cities, including Zermatt, ban internal combustion engine cars from the city center and only allow EVs to drive and park there.

US electric carmaker Tesla Motors is firing on all cylinders and gearing up for greater things after partnering with top carmaker Toyota, before it goes public at some point down the road.

Tesla, with just a few hundred employees, and Toyota late Thursday announced a 50-million-dollar stake by the Japanese carmaker in the small, Palo Alto, California-based firm.

"The announcement is path breaking and historic," said University of California, Berkley professor Harley Shaiken. "It gives Tesla considerable credibility."

"Toyota is very conservative," he added, so the announcement is good "for investors and Tesla -- they can take that to the bank."

Toyota's investment in Tesla follows German luxury carmaker Daimler's stake a year ago of "more than five percent" in the electric carmaker, a 465-million-dollar loan from the US Department of Energy, and a 31-million-dollar tax break from the state of California.

Flush with cash, Tesla on Thursday announced it bought a closed, Toyota-General Motors joint venture factory near San Francisco that up to last month was churning out Toyota Corolla and Tacoma vehicles, with a production potential of 500,000 units per year.

If Tesla can hire the plant's 4,500 former workers, it would "get their experience, and their trouble-shooting capabilities," in addition to Toyota's knowhow in large volume sales, said Shaiken.

The Toyota stake and plant acquisition "makes (Tesla's IPO) more likely and significantly more valuable," he added.

However, Edmunds.com auto industry analyst Michelle Krebs warned that Tesla's eventual move to an initial public offering is still uncertain, especially in such an unpredictable stock market that has been falling since the start of the month.

"They need to time (the IPO) right with the market," Krebs said, noting that Tesla is not alone in wanting to go public: General Motors and Chrysler came back from bankruptcy last year and also intend to sell more of their shares on the market.

According to US press reports, Tesla would be the first auto company to go public since Ford did so in 1956.

Founded in 2003 by South African Elon Musk, a co-founder of online payments giant PayPal, Tesla already manufactures the Tesla Roadster, a high-performance sports car that sells for more than 100,000 dollars and gets nearly 250 miles (400 kilometers) on a single charge.

The company also plans to unveil in 2012 a "Model S" five-passenger sedan powered by lithium-ion battery packs capable of between 160 and 300 miles (257 and 482 kilometers) per charge, with an anticipated base price of around 50,000 dollars.

With Toyota, Tesla plans to develop other electric models, hoping to break out of the luxury car trade and into mass production.

In the long term, auto industry experts said, the Tesla-Toyota partnership could rival other carmakers.

General Motors plans to launch the hybrid Volt which runs on batteries but also has a gasoline (petrol) motor in case the batteries lose their charge.

Nissan next year hopes to market the all-electric Leaf like Tesla's models.

After pioneering hybrid vehicles with the Prius but falling behind in fully electric cars, Toyota will now have access to Tesla's "control system, the electronics that control, cool and manage the battery and the electric flow between the battery and the powertrain," said Edmunds.com "green car" expert John O'Dell.

And that's something Daimler already was after, he noted.

Tesla Motors is making its first appearance this week at Spain’s premier auto show, and the company is hosting test drives all week.

The Madrid Motor Show, a top venue highlighting fuel-efficient cars, is May 20-23. Among hundreds of prototypes and concept cars on display at la Feria de Madrid, the Tesla Roadster stands out as the only highway-capable electric car already on sale.

In fact, Tesla will have an additional Roadster outside the expo available for test drives with qualified prospective customers – including those who reserved the Tesla Model S and those eager to "go electric" as soon as possible.

"More and more people want to start accumulating zero-emission miles today, and the Roadster lets them do just that in one of the fastest and most stylish cars in the world,” said Cristiano Carlutti, Tesla Vice President of European Sales and Operations. "Why wait when you can be part of the green revolution today?"

¡Viva la energía solar!

The Madrid debut comes weeks after Tesla delivered its first car to a customer in Spain. The new owner charges his twilight blue Roadster exclusively with renewable energy and lives “off the grid” in a remote valley of the Sierra Nevada.

The Roadster accelerates faster than supercars that cost twice as much, yet it produces zero tailpipe emissions and is twice as energy efficient as leading hybrids. The Roadster, which consumes no oil whatsoever and plugs into conventional 220-volt sockets throughout Europe, is the only sports car in the world that can be charged with solar, hydro or wind energy.

Spain, a leader in the development of solar energy, expects to derive 12 percent of the nation’s primary energy from renewable resources by the end of this year. That means Roadster owners in Spain get to drive world's hottest sports car – and charge it from one of Europe’s cleanest energy grids.

The Roadster qualifies for a national rebate of at least €6,000 and a provincial rebates of €3,000 or more. Spanish owners get 75 percent off the yearly car tax. Roadsters get free metered parking and free use of the high-occupancy vehicle and bus lanes – a priceless advantage in the dense traffic of Madrid and Barcelona.

The Roadster can be recharged at millions of conventional power outlets throughout Europe. In addition, "Project Movele" is building free charging stations in Seville, Barcelona and Madrid.

A Tesla Roadster traveling around the world is expected to arrive in India later this month – the first time that the iconic sports car has ever appeared in South Asia.

The Roadster, which runs on electricity and can be fully or partially recharged from renewables such as solar or wind energy, will spend about two weeks in India. The car will take center stage at a variety of VIP and public events.

The Roadster is expected to arrive in India the week of May 17 and will be at Ambience Mall in Gurgaon, in suburban Delhi. The country’s multinational business hub prides itself on the fact that every household has available electric power connections.

In Jaipur, the car will be hosted by His Royal Highness Sawai Bhawani Singh Bahadur, the last maharaja of Jaipur -- considered Rajasthan’s most significant political, cultural and religious figure.

“It will be a huge honor to meet His Royal Highness, said Tesla technician Luke McClure, who drove the Roadster more than 3,000 miles throughout Europe and will log an additional 19,000 or more miles in Asia and North America before returning to his native England. “In more ways than one, Tesla is pushing the boundaries and blazing a new path for EVs. India is going to be an adventure every day -- for me and thousands of people following me online.”

Odyssey of Pioneers

Delhi is the seventh major stop in the “Odyssey of Pioneers,” the first round-the-world tour by a zero-emission GT car. The 22,000-mile voyage, sponsored by Tesla Motors and Swiss watchmaker TAG Heuer, includes displays, owner appreciation gatherings, and VIP events in 15 cities and more than 150 towns on three continents.

Future stops include Japan, where Tesla recently began selling cars, and the United States. The tour concludes in Paris in October.

Last week, the Roadster made history as the first car without Russian components to receive official clearance to park in Moscow’s Red Square – a hallowed venue considered the epicenter of Moscow and Russia itself.
Before that, the Tesla Roadster paid homage to its namesake in Budapest, where Nikola Tesla came up with the design for his revolutionary alternating-current induction motor in 1882. The Roadster – the only electric car for sale in Europe or North America -- uses an AC induction motor descended from the scientist’s original vision.

Throughout Slovenia, Russia, India and elsewhere, the Roadster recharges from conventional outlets using existing infrastructure. The Roadster has charged from standard outlets at hotels, a solar panel array in Italy and even at a barn in rural Switzerland, demonstrating the versatility and ease of charging. Fans are following the Odyssey online and watching weekly video updates on YouTube and Facebook.

A round-the-world tour by a Tesla Roadster will wind through southeastern Europe this week, the most historically significant leg of the 37,000-kilometer journey.

On April 13, the car will arrive in Budapest, where Nikola Tesla came up with the design for his revolutionary alternating-current induction motor in 1882, during a feverish hallucination along the banks of the Danube River. The Tesla Roadster – the only electric car for sale in Europe or North America -- uses an AC induction motor descended from the scientist’s original vision. Tesla Motors unveiled the Roadster in 2006, which UNESCO declared the Year of Nikola Tesla in celebration of the 150th anniversary of his birth.

For the first time, Silicon Valley-based carmaker Tesla Motors will pay homage to its namesake, hosting a VIP celebration and prospective customer test drives April 15-16 at the TAG Heuer Boutique in Budapest.

“Nikola held more than 700 patents and remains an inspiration to me personally and to many entrepreneurs and inventors – both in Silicon Valley and around the world,” said Tesla CEO Elon Musk. “Without his vision and brilliance, our car wouldn't be possible. If he were alive today, I’m sure Nikola Tesla would be a very happy Roadster customer and a passionate advocate of electric vehicles.”

Roadster uses existing infrastructure

Budapest is the fourth stop in the eight-month “Odyssey of Pioneers,” the first round-the-world tour by a zero-emission GT car. The voyage, sponsored by Tesla Motors and Swiss watchmaker TAG Heuer, includes displays, owner appreciation gatherings, and VIP events in 15 cities and more than 150 towns on three continents. The tour will conclude in Paris in October.

Throughout Slovenia, Hungary and numerous other countries en route, the Roadster is recharging from conventional outlets using existing infrastructure. Tesla’s driver, Luke McClure, has charged from standard outlets at hotels, a solar panel array and even at a barn in rural Switzerland, demonstrating the versatility and ease of charging. Fans can watch Luke online and follow his travels through Facebook and Twitter.

All Teslas can be refueled from conventional electrical outlets, enabling owners to charge in the peace and security of their garages, at hotels, charging stations, parking lots or nearly anyplace with electricity. The Roadster’s charger is on board, so owners simply plug in the car – similar to an iPhone, no special equipment required. In addition, the Roadster is the only sports car whose owners refuel with renewable energy such as solar, hydro and wind power.

Tesla Motors has delivered its first car to a customer in Spain, and the new owner charges his Roadster exclusively with renewable energy.

Amsterdam native Otto Poldermans is a founding investor in Solar Hydro Solutions, which builds and installs solar equipment to private and commercial customers in Andalusia. Poldermans, whose twilight blue Roadster is powered by a combination of solar and hydroelectric energy, joins a growing community of Tesla owners worldwide who power their cars entirely “off the grid.”

The retired plastic surgeon moved to a remote valley in the foothills of the Spanish Sierra Nevada in 2001. For nearly a decade he has powered his home with photovoltaic panels and turbines on the Rio Chico. His equipment will now also power his Roadster, which he received this weekend.

“I hope that my Tesla catches people’s eye. I want it to teach people that energy all around us and extremely abundant -- more than enough to power our homes and our cars,” said Poldermans.

The Roadster accelerates faster than supercars that cost twice as much, yet it produces zero tailpipe emissions and is twice as energy efficient as leading hybrids. It consumes no petroleum and plugs into conventional 220-volt sockets throughout Europe.
Tesla has delivered about 1,000 Roadsters to customers in 23 countries, including the first deliveries this month in Spain and Ireland.

The first delivery in Spain comes as Tesla representatives host test drives throughout the Easter holiday in Marbella. Prospective customers may book test drives in advance for slots March 28 to April 2 at hotels including the Hotel Villa Padierna, Marriott's Marbella Beach Resort and Hotel Don Carlos.
Tesla will deliver more cars this spring in Spain, which is uniquely positioned to demonstrate the attributes of the Tesla Roadster – the only sports car that can be charged fully or partially with renewable energy.

Solar energy satisfied 3 percent of Spain’s electricity demand in 2009, and the government expects to derive 12 percent of the nation’s primary energy from renewable energy by the end of this year. That means Roadster owners in Spain get to drive world’s hottest sports car – and charge it from one of Europe’s cleanest energy grids.
The Roadster qualifies for a national rebate of at least €10,000 and a provincial rebates of €5,000 or more. Spanish owners get 75 percent off the yearly car tax. Roadsters also get free metered parking and free use of the high-occupancy vehicle and bus lanes – a priceless advantage in the dense traffic of Madrid and Barcelona.

Spain’s €8 million “Project Movele” will also fund installation of charge stations in Seville, Barcelona and Madrid. The government aims to have 1 million electric vehicles in Spain by 2014.

“The Roadster highlights Spain’s 21st century energy technology like no other car,” said Cristiano Carlutti, Vice President of European Sales and Operations for Tesla. “But ultimately, when you come to a stop light next to an idling Porsche or Audi, you will discover the Roadster’s killer app: You will leave other supercars in the dust -- without a shred of guilt.”

Pioneering luxury Swiss watchmaker TAG Heuer and electric carmaker Tesla Motors have teamed up in a worldwide partnership as the iconic Swiss brand celebrates its 150th anniversary.

On display at the Geneva Motor Show is the 2010 TAG Heuer Tesla Roadster. This one-of-a-kind collector's car includes a unique interior by Tesla Chief Designer Franz von Holzhausen, incorporating TAG Heuer avant-garde design elements and a specially designed center console due to host TAG Heuer’s cutting edge concept watch, to be revealed in Basel on March 18.

This car also features a TAG Heuer Meridiist mobile phone as well as a one-fifth second Heuer Limited Edition Stopwatch. This Swiss-made timepiece with mechanical movement pays tribute to the 1860 founding of the company and evoques the mythic revival of the brand's vintage stopwatches.

The car's exterior color scheme is Foucault Field Gray, embodying the innovative spirit of both companies. The design was inspired by the new TAG Heuer concept watch, a technical milestone in mechanical movements, which brings technologically advanced art to life through motion.

The 2010 TAG Heuer Tesla Roadster will remain at the Tesla booth during the public show days, March 4-14 at the Palexpo-Geneva conference center. The car will then be driven to Baselworld, the world's largest watch exhibition, for a special event March 18.

Relentless focus on technological innovation

Since its founding in an artisan's workshop in the Swiss Jura, TAG Heuer has become one of the world's best-known luxury brands -- maker of avant-garde watches, eyewear and premium mobile phones for refined consumers around the globe.

TAG Heuer, a star brand from the luxury group and worldwide leader Louis Vuitton Moet Hennessy (LVMH), also has deep roots in the automotive sector. Company founder Edouard Heuer received in 1911 the patent for The Time of Trip, the first car dashboard chronograph, followed in 1933 by the Autavia -- the first dashboard timekeeper for both automobiles and aviation. The benchmark in cutting-edge chronographs and timekeeping technology since 1860, TAG Heuer is the watch brand that can claim the longest and strongest association with motor sports and dream cars. Both watches and chronographs are inspired and driven by motor sports, from Formula One to GT cars.

"TAG Heuer has a rich history and expertise with the world's most prestigious racing teams -- but this is the first ever partnership we've forged with an electric sports car company," said Jean-Christophe Babin, President and CEO of TAG Heuer. "We believe that high-performance drivers are increasingly searching for products that are efficient, socially responsible and stylish. TAG Heuer and Tesla are two of the few companies arleady achieving these ideals today."

Tesla Motors began developing an electric sports car in 2004 and remains the only automaker selling highway-capable electric cars. The Tesla Roadster accelerates faster than nearly any other supercar yet is twice as energy efficient as a Toyota Prius -- the only car that delivers supercar performance guilt-free, with zero tailpipe emissions and a carbon footprint dramatically lower than any comparable sports car.

Based in California's Silicon Valley, Tesla has delivered more than 1,000 cars to consumers in 21 countries. Advertising Age magazine recently named Tesla one of America's "hottest brands." The Tesla Roadster is quickly becoming the must-have car among Hollywood celebrities, European royalty and socially responsible trendsetters worldwide.

"Engineers at both TAG Heuer and Tesla understand intuitively that technology -- whether worn on your wrist or driven on the road -- can help us live better while we tread more lightly on this planet," said Tesla CEO Elon Musk.

The CEOs of TAG Heuer and Tesla, along with celebrity customers of both companies, will launch their next collaboration in style on March 18 at a party during Baselworld 2010. This nine-month project, commemorating TAG Heuer's 150th anniversary, will have worldwide reach and will raise awareness of technological innovation to consumers on three continents.