Tesla Launches Leasing Program for Model S Electric Car

Tesla Motors S Model
Source: Teslamotors.com
Tesla Motors S Model

Tesla Motors launched a leasing program for its Model S electric car.

The program is a partnership with Wells Fargo and U.S. Bank. The banks have agreed to provide 10 percent down financing for purchase of a Model S, Tesla said in a statement. That 10 percent is covered by state tax credits.

Tesla founder and Chief Executive Elon Musk had been teasing the announcement on Twitter for the last week.

"Am going to put my money where my mouth is in v major way," he tweeted on March 25.

(Read More: Tesla Stock Surges After Strong Model S Sales Report)

Tesla said earlier this week that it had its first profitable quarter ever in the first quarter thanks to stronger-than-expected sales of its Model S sedan.