SAN CARLOS, CA ---Tesla Motors said May 12 that it had received more than 1,000 reservations for the Model S, an all-electric family sedan that carries up to seven people and travels up to 300 miles per charge. 

Tesla launched the car March 26, and reservations began streaming in online and at showrooms in California, the automaker said. The anticipated base price of the Model S is $49,900 after a federal tax credit. The $5,000 reservation fee is refundable. 

"The Model S is a better value than much cheaper conventional cars," said Tesla CEO Elon Musk. "Despite the enormous environmental benefits, lower total cost of ownership will soon become the primary motivation for consumers to evolve from gas guzzlers to EVs."