Tesla Motors (NASDAQ:TSLA) exploded onto the scene this year, taking the large luxury car market by storm. As it turns out, fully electric cars can compete with the big dawgs -- at least when they're built the Tesla way. Leading the charge was Tesla's Model S. But the Model S will soon have to make room for Tesla's next project: the Model X. Straight from CEO Elon Musk, new details about the SUV have surfaced.
Musk recently visited London for a store opening reception and was asked about Model X pricing. He didn't hold back:
The Model X price will be very similar to the Model S. It's probably going to be a slightly higher starting price because the Model X will only be offered as all-wheel-drive. So it'll be dual-motor all-wheel drive.
There are two new tidbits in Musk's comments here.
One, the Model X will only be available in all-wheel drive. The company's website currently claims that Tesla will offer a rear-wheel-drive option, but it appears Musk has adjusted course.
Two, we finally have a price range. Musk even clarified further: The "slightly higher starting price" will be higher only by a "low-single-digit percentage," said Musk (via AutoblogGreen). With the Model S starting at about $70,000 before any tax credits are applied, that means the Model X will probably have a starting retail price at about $74,000 (an estimate based on an approximate 6% price increase) -- maybe even less.
This new information adds to already limited comments from the company on the Model X. Though there is a fairly detailed product page on the company's website outlining the vehicle specs, information on the timeframe of the rollout is less certain. Here's what we know about the vehicles progress based on our most recent update from Tesla's second-quarter earnings call:
- The Model X will reach the market in late 2014.
- Production in 2014 will be limited.
- Production will be "bigger" in 2015.
- Analysts should build the Model X into their 2015 models -- not 2014.
- "From a product standpoint," the Model X is currently Telsa's main concern.
- The Model X is taking up a large chunk of executive time.
More updates on the Model X tomorrow?
Telsa reports third-quarter results tomorrow. Will we hear more about the Model X? Given all the details covered in Tesla's second-quarter earnings call, chances are we'll get a solid update in Q3, too. Make sure you tune in to Tesla's third-quarter earnings call after market close tomorrow.
Fool contributor Daniel Sparks has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.