If you’ve been wanting to buy a Tesla but the high price tag has kept you from buying one, then this is your chance to get one. Of course it will be a bit smaller than you might expect. Oh yes, and it will be a toy. But for $1.09, what a deal, right?
Mattel makes a Tesla Hot Wheels car
Bloomberg reports that Mattel has begun selling a Tesla Model S as a Hot Wheels car. The toymaker previously sold a Tesla Roadster, which now apparently goes for between $30 and $50. This means the Hot Wheels version of the Model S may end up becoming a hot collectible worth a lot more than the up-front price. Unfortunately it probably also means that it will be pretty hard to find the Hot Wheels Model S.
A Look Back At Warren Buffett’s Best and Worst Oil & Gas Investments
Warren Buffett is perhaps best known for his large investments in some of the world's most recognizable brands, companies like Coca-Cola, American Express and Apple. Q1 2020 hedge fund letters, conferences and more Companies that fit into this bracket seem to fall squarely within his circle of competence. They sell a product that's easy to Read More
Tesla tweeted a hint about Mattel’s announcement before the Hot Wheels car was officially announced:
Today we’re launching something for the little ones (and our biggest fans). Keep an eye on @Hot_Wheels.
— Tesla Motors (@TeslaMotors) June 18, 2015
Mattel attempting a turnaround
Hot Wheels SVP Chris Down told Bloomberg, “Tesla is a brand that resonates across a range of consumers, from collectors to kids. Everyone relates to the vehicles.”
Mattel is certainly hoping that’s true anyway, as it needs all the sales it can get. CEO Bryan Stockton was dismissed earlier this year amid falling sales and a slipping stock price. Mattel director Christopher Sinclair was then appointed to the CEO post.
Hot Wheels has been the only major brand owned by Mattel that has seen growing sales recently. The Barbie brand is the toymaker’s biggest business, but sales of the dolls declined 16% last year. Sales on Hot Wheels cars increased 3% in 2014. Last year Mattel sold 300 million units.
How the Tesla Model S was developed
Mattel reportedly worked with Tesla’s designer to create the tiny Model S. The Hot Wheels car is available in red and silver and is the toy version of Tesla’s highest-end Model S, the P85D. It will also sport red-lined rims.
In 2008 when Hot Wheels released the toy version of the Tesla Roadster, it made about 1 million of the cars. Fans of Tesla have apparently been clamoring for a toy version of the Model S for at least a couple of years.