Electric car maker Tesla Motors (NASDAQ:TSLA) has decided to delay production of its upcoming Model X, which is now slated to begin in late 2014. The change was disclosed in the company's 10-K filing last week.
When Tesla first revealed the next-generation model in February 2012, the company was targeting late 2013 for production to begin, with deliveries expected to begin in early 2014.
In a statement, Tesla said the company wants to focus first on the Model S before shifting its attention to the Model X. The company believes "there is increased volume potential for Model S" and said the Model X delay is not expected to have a material impact on profitability in 2013 or 2014.
Last month, Tesla predicted that it would achieve profitability on an adjusted basis in Q1 2013, sooner than its previous guidance of late 2013.