Bloomberg News

Tesla to Sell Electric Model X in 2013, Make as Many as 15,000

June 02, 2011

June 2 (Bloomberg) -- Tesla Motors Inc., maker of electric Roadster sports cars, plans to begin selling the Model X, a rechargeable crossover utility vehicle, in late 2013 as it expands its lineup of battery-powered autos.

The startup led by Elon Musk intends to sell Model X, derived from its Model S sedan due next year, by 2013’s fourth quarter, Palo Alto, California-based Tesla said today in a regulatory filing. Production of the model at Tesla’s plant in Fremont, California, may be between 10,000 and 15,000 units a year, the company said.

“We anticipate that we will make the Model X available with three range variants, with pricing of each variant similar to those of the Model S,” the company said. Tesla said in March that electric Model S cars will cost between $57,400 and $77,400, before a $7,500 federal tax credit.

The carmaker, whose shareholders include Daimler AG, Toyota Motor Corp. and Panasonic Corp., last month said it’s selling 5.3 million new shares to help fund Model X development. Musk, Tesla’s chief executive officer and biggest investor, is buying 1.4 million shares in a private placement as part of the offering.

Shares of Tesla, named for inventor Nikola Tesla, rose 24 cents to $28.76 at 5:20 p.m. New York time in Nasdaq Stock Market trading. The shares have gained 8 percent this year.

--Editors: Niamh Ring, Romaine Bostick

To contact the reporter on this story: Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net

To contact the editor responsible for this story: Kae Inoue at kinoue@bloomberg.net


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