Tesla Motors will start delivering its Model X sports utility vehicle in the next three to four months, which is around the same timeline as was announced earlier this year. While speaking during the annual shareholder meeting held at the Computer History Museum in Mountain View, Calif., Tesla CEO Elon Musk said that the Model X will be a step ahead of the Model S.
Tesla Model X coming soon
Musk said that he has been test driving the prototype Model X, which was shown for the first time as a concept car in February 2012 and previously was expected to be ready by the end of 2014. Tesla’s CEO said that deliveries of the SUV would begin late in the third quarter
Assets in private equity and venture capital strategies have seen significant growth in recent years. In comparison, assets in the hedge fund industry have experienced slowing growth rates. Q2 2021 hedge fund letters, conferences and more Over the six years to the end of 2020, hedge fund assets increased at a compound annual growth rate Read More
Tesla, which is buzzing around the world with its innovative concepts, is investing to accelerate growth as it prepares to sell the Model X. The Palo Alto-based company is ramping its production, building the so-called gigafactory east of Reno, Nev., and entering into new ventures beyond cars with a suite of battery products for homes, business and utilities.
Women are fond of car-based SUVs, and in January during an Interview, Musk told Bloomberg that the Model X is getting more orders from women. Contrary to this, male customers are more inclined toward the Model S sedan and the Roadster. Presently, the Elon Musk-led company is also working on the Model 3, which is expected to be released in 2017 with a starting price of approximately $35,000. The Model S meanwhile will get another software upgrade, including features such as autopilot driver assist technology, and customers might see the new features as early as this month.
CFO Ahuja retires
During the meeting, Musk also informed shareholders that chief financial officer Deepak Ahuja will retire by the end of this year to pursue his life goals. Ahuja has been Tesla’s chief financial officer since 2008 after he left his job at Ford.
During the shareholder meeting, Musk also talked about their battery products. The Tesla CEO also said that that on a net basis, the company won’t be profitable until annual sales reach 500,000. Earlier this year, Musk said that he expect to “achieve profitability in 2020.”
On Tuesday, Tesla shares closed down 0.11% at $256, and year to date, the stock is up by over 15%.