Tesla Motors Inc. (NASDAQ:TSLA) CEO Elon Musk and other top officials of the Palo Alto, Calif., luxury electric carmaker revealed some of the most important details about the progress of the upcoming Model X full-sized luxury crossover SUV during the company's third-quarter conference call Tuesday evening.
Here’s what Musk said about when consumers can expect the Model X to be en route to their driveways:
"I think for the X, we are aiming for maybe a few units at the end of next year, but volume production is -- it's a high volume production is probably Q2 2015, so high volume mean volumes comparable to the Model S at that time."
Originally Musk had planned to begin producing the vehicle by the end of this year with deliveries beginning early in 2014. In February that schedule was extended for production to begin by the end of 2014 so that the company could focus on achieving profitability in 2013.
Did Musk just extend the production deadline a second time?
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It depends on what you mean by production. Tesla is stil committed to making its first Model X by the end of 2014, but not to achieve the current level of Modal S sedan production (about 550 a week) until well into 2014.
This means most preorders aren’t going to begin in earnest until after the first quarter of 2015.
Speaking at an event inaugurating a Tesla retail outlet in London, Musk said the Model X will be priced higher than the Model S, which starts at $71,000 for 205 miles of range, excluding any government incentives to encourage electric vehicle use. Tesla’s stock price fell over 11 percent in premarket trading on Wednesday, to $156.14. The price hasn’t been that low since mid-August amid a dizzying rise in value since May.