Tesla announces the Model S: a $60k, all-electric, five passenger sports sedan

Our favorite Terminator (and Governor of California) Arnold Schwarzenegger has just helped Tesla Motors make an announcement that's probably sending chills through traditional automaker's boardrooms. The company has just introduced a fully-electric, five passenger sports sedan dubbed the Model S, which will be selling for $60,000, and will manage 225 miles on a full charge. The carmaker says it will produce the vehicles in a brand new manufacturing plant it's opening in Northern California. We're on the ground at the announcement right now -- no pictures or release date have surfaced yet, but you'll know more as soon as we do.