Tesla Motors shares were up 3% in early trading on Monday after reports that the EV firm has sent out invitations for the launch of its much-awaited Model X. As has been previously confirmed by Tesla CEO Elon Musk, the firm will roll out the vehicle in a September 29, at its Fremont, California, factory at 7 p.m. PT.
So far, we know of four Tesla vehicles
Three years back, Tesla hosted a similar event at the Fremont, Calif. Factory to deliver its first Model S cars. No other details were there in the invitation except for a shadowed Model X with its distinctive falcon-wing doors up. The Model X will be the third car from Tesla after the discontinued Roadster and the Model S. Tesla’s Model X, which has been delayed several times, is expected to appeal to women and families with children.
Tesla has promised another new car soon after the Model X, the mass-market Model 3. The Model 3 would be available in the next two years, and pre-orders for the car will go live in March 2016. This mass-market car is expected to cost $35,000 while the base Model S is priced at $75,000, and a fully loaded Model X sells for $132,000.
Model X vital to hit this year’s target
Earlier this month, the EV firm invited Model X customers who have pre-ordered the “signature” version to choose details of the cars such as the paint colors and wheel size. As of now, it is not known when the other Model X owners will be getting their Model X.
The pre-orders for Tesla Model X have reached 31,225, including over 2,000 for the Signature series, for which the firm is taking a $4000 deposit, according to Tesla Motors Club. The Signature version of Model X comes with a battery option of 90 kilowatt-hour (kWh), which can run 250 miles on full battery charge at standard speed.
In 2015, Tesla aims to deliver 50,000 to 55,000 cars including both the Model X and the Model S. So, producing and delivering more Model X cars will be important for Tesla to hit this target.
Although shares were up in early trading, they eventually closed down 2.46% on Monday. At around 12 Pm EDT Tuesday, Tesla shares were down 2.45% at $257.78. Year to date, the stock is up almost 16% while over the last year, the stock is up over 3%.