Hot Wheels unveils miniature Tesla Model S
Finally, there's a Tesla anyone can afford.
Mattel's toy brand Hot Wheels unveiled its new 1/64th scale Tesla Model S miniature car on Thursday, according to SlashGear.
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Tesla's own Twitter account could barely keep the news a secret before the toy Model S was officially unveiled.
The Tesla toy cars are now being sold in stores for $1.09, according to Mattel. At that price the toy costs far less than 1/64th of what a Tesla Model S P85D normally fetches, with its $100,000 fully-loaded price tag.
It's not the first time the team at Mattel's Hot Wheels has teamed up with Tesla to replicate their cars in a miniature model. The duo worked together on a toy Tesla Roadster in the past which quickly became a collectors' item, fetching more than its original selling price.
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Hot Wheels SVP and General Manager, Chris Down, was tight lipped about which Tesla model might be next in the pipeline.
"At this time we cannot disclose exact plans with Tesla," he told CNBC on Friday. "But we can tell you that there will be new collaborations on the road ahead."
For Mattel, its toy car brands Hot Wheels and Matchbox have been rare outperformers in a portfolio that's been squeezed by Barbie's slip in recent years. Across the two brands, Mattel posted a 10 percent rise in toy car sales, according to its latest quarterly report.