Tesla Motors Inc (NASDAQ:TSLA)’s upcoming Model X could be even more successful than the Model S, which is already selling like hotcakes. According to Tesla Motors Club website, the Palo Alto-based company has received 12,230 pre-orders for its Model X crossover. In February, the reservations stood at 9,555 units. The company had already received 6,005 pre-orders for its Model X by October 31, 2013. And the latest numbers don’t include reservations from China, where Tesla sees plenty of opportunities.
Tesla requires $40,000 deposit for the Signature series Model X
Tesla Motors Inc (NASDAQ:TSLA) is unlikely to launch the Model X before early 2015. Pre-orders for the early production, fully-loaded Signature series have surpassed 1,586 units worldwide, with 1,335 units from the United States alone. European consumers have pre-ordered 202 units of the Signature series, followed by 49 units from Canada. That’s quite surprising because Tesla requires an eye-popping deposit of $40,000 for the Signature series, compared to just $5,000 required to book a regular Production series Model X.
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So far, there have been 10,644 bookings for the Production series. Of them, 8,546 bookings are from the United States, 1,714 from Europe and 384 from Canada. Figures show that most of the reservations have been for the lower-cost production model. Tesla Motors Inc (NASDAQ:TSLA) has stated that the Model X will sport all-wheel drive (AWD), which means this vehicle is likely to cost more than the Model S.
Tesla holds about $113 million from Model X deposits
Tesla Motors Club noted that people who initially booked a Production Model X, and then upgraded to the Signature series, have been double counted. The 12,230 pre-order tally doesn’t include any cancellations. The Elon Musk-led company’s flagship store in Hong Kong is said to be one of its busiest stores, so there could be more than just 11 orders from that store.
According to Black Sheep Planet, Tesla Motors Inc (NASDAQ:TSLA) is holding about $113 million in deposits for the Model X alone. The deposit is likely to go up sharply in coming months as the launch of the car is still about a year away. Besides all-wheel drive, the Model X is expected to have falcon doors. That will make the vehicle stand out from rivals.
Tesla Motors Inc (NASDAQ:TSLA) shares inched up 0.46% to $221.19 in pre-market trading Tuesday.