If the prevailing opinion of a new design can be judged by initial sales, then the jury is in on the Tesla Model X. They like it. They really, really like it. From the time the electric crossover was driven out on stage at Tesla Design Studios late Thursday night/early Friday morning until Valentine's Day four days later, the company says it has received over $40 million worth of reservation love.

What that means is that over 500 people have plunked down a significant amount of cash – $5,000 for regular production version or $40,000 for a Signature package – to reserve a vehicle that won't even begin serious production until 2014. Think about that for a moment. Nobody, except a lucky few employees, has even driven the X prototype. Hell, barely anyone has ever taken the wheel of the Model S, with which it shares its platform.

While some of the orders did come from people switching their Model S reservation to the X, Tesla says sedan sales weren't cannibalized. In fact, the company says, sales of the S saw a boost of 30 percent following the big event.

Another indication of sentiment for publicly traded companies like Tesla Motors (TSLA) is its stock price. If you panicked and sold off shares a month ago when the price plunged 20 percent on news of the departure of a couple personnel, you may want to begin kicking yourself now. (Go ahead, we'll wait.) From that $22.79 low, it has climbed to $33.17 (as of this writing). Now, we're not financial experts, but that would seem to indicate that the market likes the company's outlook.

Make your way past the break to read the press release and, if you were unable to see the live presentation of the Model X on Tesla's website, we have that official footage waiting there as well.

Model X Reveal from Tesla Motors on Vimeo.

Show full PR text
Model X, Fastest Selling Tesla Ever

Palo Alto, Calif. -- Tesla Motors (NASDAQ: TSLA) unveiled the highly anticipated Model X last Thursday evening at its Design Studio in Southern California. One day after the reveal, without any advertising, advance sales of the Model X exceeded $40 million.

The compelling nature of the product created massive media attention and resulted in the Model X being the third most searched term on Google. On Thursday evening, the night of the reveal, traffic to teslamotors.com increased 2800 percent. Two-thirds of all visitors were new to the website.

Proof that Model S and Model X are complementary products, new Model S reservations following the Model X unveiling were up 30 percent.

Model X is equipped with unique Falcon Wing doors that open up and out of the way, allowing one to stand up in the second row and step directly to the third row. Built on the same platform as Model S, but with a longer wheelbase, Model X has approximately the same external dimensions of an Audi Q7. On the inside, however, Model X has 40% more room than a Q7 and is capable of carrying both seven large adults and considerable luggage.

It will offer dual motor all wheel drive for superior all-weather driving and the option of a 60 or 85 kWh battery. The Model X Performance version will accelerate from 0 to 60 miles per hour in 4.4 seconds. This would make Model X faster than many sports cars, including the Porsche 911 Carrera. Matched with superior handling resulting from its low center of gravity, Model X will offer a remarkable combination of functionality, style and performance.

Tesla's touchscreen, the 17" in-dash display that includes driver controls, vehicle apps, web connectivity and onboard charging are included in Model X.

Model X will be priced competitively with other premium SUVs. It will be built at the Tesla Factory in Fremont, CA. Production begins at the end of 2013, deliveries begin early 2014, with volumes targeted at 10,000 - 15,000 units per year.

About Tesla

Tesla's goal is to accelerate the world's transition to electric mobility. Palo Alto, California based Tesla designs and manufactures EVs and EV power train components for partners such as Toyota and Daimler. Tesla has delivered more than 2,000 Roadsters to customers worldwide. Model S, the first premium sedan to be built from the ground up as an electric vehicle, begins deliveries in mid-2012.



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  • 49 Comments
      hahiran
      • 2 Years Ago
      I like Tesla's strategy. Instead of offering an expensive midsize car like the Leaf (which I own and love) that has a middling range, they are tapping the high-end market with cars that have excellent range and sexy looks (sexier than my little blue spaceship, anyway). If we make even a little more money then we are buying an S. Fantastic.
      GearHeadDeals.com
      • 2 Years Ago
      Very good news for tesla. Here's to hoping they succeed.
      futuramautoblog
      • 2 Years Ago
      Good to hear they are doing good. While I myself am not ready for electric only car, I want them to succeed.
      BlackDynamiteOn
      • 2 Years Ago
      I love the Model S. I don't get how both the X and S will offer 7 Passenger seating. The sedan offers great cargo space as well, making the X a little redundant, unless you need AWD. Tesla has also gotten votes of confidence from Toyota and Mercedes-Benz through investment. 'Nuff said BD
      genelamont
      • 2 Years Ago
      Wow. After seeing the new Tesla models, everything with an IC engine just seems wrong. Amazing.
      simianspeedster
      • 2 Years Ago
      "Another indication of sentiment for publicly traded companies like Tesla Motors (TSLA) is its stock price" Come on, AutoBlog -- please try to stick to subjects you know something about. This is very dangerous territory for a car blog. It's really not smart for you guys to post your shallow analysis of what Tesla's stock price mans for the company. Do none of you remember the dot com boom? All of those public companies had high valuations as well, and it wasn't all because investors had great confidence in the long-term viability of those companies. When early investors and other financial insiders hold a large stake in any risky upstart, there is a tendency for that stock to rise post-IPO as the insiders push to recover their investments before any long-term reality sets in. It's incredibly frequent. Even if Tesla meets their delivery timelines and announced prices for these cars, there a long way from being profitable. I think their car strategy is solid (the X is the smartest move yet), but their operational strategy is extremely risky. They're attempting to reinvent EVERYTHING about the car industry, not just the end product. They're have burned and will continue to burn a lot of money trying to do everything themselves -- production, new dealerships, etc. That will surely affect their long-term financial prospects as companies like Lexus and BMW simply extend their existing technology and infrastructure to respond to the Tesla threat by offering competing products. Starting an entirely new car brand from scratch is incredibly risky, especially today. Tesla may succeed at making some nice cars and they may get the jump on a few established brands, but it's not at all clear that they have a long future at this point, stock price notwithstanding.
        Randy
        • 2 Years Ago
        @simianspeedster
        Correction: 40 Million in sales for Tesla (plus batteries to Toyota) Not sure what those figures are! Not billions, that's for sure!
          Grendal
          • 2 Years Ago
          @Randy
          They have over 8000 Model S reservations, and now 500 Model X reservations. That adds up to $600 Million or more in pre-sold revenue. That easily covers their government loan which Musk said would be paid back by 2013. They seem to be on track for that.
      rmkensington
      • 2 Years Ago
      Assuming these cars actually hit the market, they are going to fill the niche, then go outta business. Theres only so many suckers that will buy a $100k electric car when you can get a volt for less than half that.
        • 2 Years Ago
        @rmkensington
        [blocked]
        Yu Sun
        • 2 Years Ago
        @rmkensington
        It's funny that someone compare Model X with Volt, do you even know the difference between EV and PHEV. No mention Model X is 7 seat CUV(SUV) and volt is 4 seat sedan, and Model X has way much higher quality on all respective.
          Fixitfixitstop
          • 2 Years Ago
          @Yu Sun
          "Model X has way much higher quality on all respective." And you know this more than a year before anybody has seen a Model X?
          Matt
          • 2 Years Ago
          @Yu Sun
          Plus is much much faster.
        methos1999
        • 2 Years Ago
        @rmkensington
        Yes, except the Model S starts at $57k (before tax incentives). Also the Model S is a luxury car that seat 5, compared to the Volt is not a luxury car and only seats 4...
        BipDBo
        • 2 Years Ago
        @rmkensington
        There's also only so many suckers who will buy a $40,000 BMW when you can buy a Chevy Cruze for half that. EV customers have lots of money and are therefore accustomed to driving nice cars. Tesla is trying to build cars that live up to high expectations.
          Grendal
          • 2 Years Ago
          @BipDBo
          Which means, rmkensington, that your argument was full of it. And the Model S and Model X are priced at $50K and $60K, not $100K.
          rmkensington
          • 2 Years Ago
          @BipDBo
          Last time I checked BMW's sales are higher than ever. What does a cruze have to do with anything?
      Silent in Seattle
      • 2 Years Ago
      There's no way to compare the Volt or the Leaf to the Model S. You are trying to compare a luxury sedan to a compact with design flaws. GM and Nissan are playing catch up to a blossoming market that will take deep root when Gas hits $5.00 a gallon later this year. Tesla has cut it's teeth on the roadster and is now producing a well thought out and designed electric sedan with performance to spare. In reference to the comments above, the touch screen is a marvel in design for an all electric car that many car manufactures are moving toward vs. knob and tube designs of the 20's. You have to see it in person to appreciate all that it delivers. Call me one of those suckers if you wish but you might think again when you're at the pump spending thousands on gas a year and I roll by doing 0 to 60 without a sound on pennys per mile. Bottom line, the price for the S and X is high but..... You get what you pay for.
        ChrisH
        • 2 Years Ago
        @Silent in Seattle
        Five dollar a gallon gas won't spur sales much for Leaf or Volt, let alone Tesla cars. Now, get gas nearer to ten dollars and yeah you will see movement, but it won't matter because the economy will tank first. Gas is up 80% since Obama took office and so the shock of moving from 3.50 to 5.00 is far less than if prices were still the same as when Bush was in office. So go for seven or more dollars per gallon. Like I said before, the hit to the economy will keep people from spending on a new car, what they will do is stop the frivolities, like fast food, starbucks, movies, and such. Someone on abg did the numbers once to make the leaf/volt worth while versus a new smaller car, let alone a prius, and gas prices aren't going there anytime soon
          Grendal
          • 2 Years Ago
          @ChrisH
          @johott66 Check out JR's chart and in 2008, before Obama, the price was $4.12. Which says then that the price has dropped since Obama. You're cherry picking your data.
          pmpjunkie
          • 2 Years Ago
          @ChrisH
          @Chris H: According to your numbers Obama is doing a stellar job with the ecomomy and that's why gas prices are up. GWB crashed the economy so hard that gas went down to @1.60ish. Since Obama took office the economy got strong enough to support $5 gas again. See, you are cherry picking your argument.
          Nemebean
          • 2 Years Ago
          @ChrisH
          Wow, never have I seen a better example of "lies, damn lies, and statistics" than this discussion.
          jhott66
          • 2 Years Ago
          @ChrisH
          Fisitfixitstop: "I assure you that gas is NOT up 80% since Obama took office." The facts: regular unleaded on January 26, 2009 = $1.84 http://news.consumerreports.org/cars/2009/01/average-gas-pricesjanuary-26-2009.html regular unleaded on February 14, 2012 = $3.52 http://news.consumerreports.org/cars/2012/02/average-gas-prices-february-13-2012.html So, yes not an 80% increase but rather a 91% increase.
          jhott66
          • 2 Years Ago
          @ChrisH
          Grendal: There is no cherry picking. You are "cherrypicking" data to fit your argument. The fact: AVG $/gal unleaded gas on inauguration day 2009 = $1.84 AVG $/gal unleaded gas on Feb 14, 2012 = 3.52 Would you like a math lesson to get the percentage increase?
        • 2 Years Ago
        @Silent in Seattle
        [blocked]
        Jason Allen
        • 2 Years Ago
        @Silent in Seattle
        Hi, friend,I love your name, I didn't realize it until after i had written my response to the Chrishidiot. I LOL'd because all I could culd think of is "I'm NOT silent in Seattle!" So are you getting a Tesla? I want one desperately but my other (not better) half says it's to much so we are first in line for a Focus electric. It's also a 10-12 month wait, same as the least expensive ModelS, sigh. Don't be afraid to brag about it here, i want to know how people like them. That is if you're actually getting one. :)
      ilmhmtu
      • 2 Years Ago
      "$5,000 for regular production version or $40,000 for a Signature package" For 5 grand, I'LL buy one!
        • 2 Years Ago
        @ilmhmtu
        [blocked]
        Jason Allen
        • 2 Years Ago
        @ilmhmtu
        Your reading comprehension shows you to be prfoundly retarded, I'm sorry to break the news to you. Or maybe you know this already; I'm sorry if that's the case. I love your enthusiasm, though! :) These cars are the best vehicles offered for sale ever!
      turbomonkey2k
      • 2 Years Ago
      An SUV that can't mount a ski rack to the roof. Can you say EPIC FAIL?
        Grendal
        • 2 Years Ago
        @turbomonkey2k
        I don't ski. And I've never tied anything on to the roof of my car.
        Jason Allen
        • 2 Years Ago
        @turbomonkey2k
        That is way too shallow a viewpoint imo. It's not for skiers, so what, BFD?!?! Do skiers rule the world now or do they predominate the new car market? There are plenty more people that want the ModelX for what it can do than there are brainless skiers who can't see all the benifits of this thing. You do know the world doesn't revolve arouund you, right?
      2 Wheeled Menace
      • 2 Years Ago
      I'm glad i'm not the only person who thinks this car is awesome. Tesla's offerings actually compare, and beat many of their upper end internal combustion competitors on a performance per dollar level. Look at the 0-60 times of many luxury SUVs. Almost everything moved like a total slug compared to the Model X. The price would be higher as well. Take a Model S and compare it to cars such as a totally decked out BMW 5/7 series, with the mid-range 230 mile option, it's faster, carries more, and sometimes comes in at a lower cost than it's competition. Electric cars are getting seriously competitive now, my hats off to Tesla for making it happen. Fingers crossed for a model more within my price range.
        Grendal
        • 2 Years Ago
        @2 Wheeled Menace
        Well said, 2WM. America gets to be at the forefront of innovation. What's not to like about that?
      throwback
      • 2 Years Ago
      Nice problem to have, not unlike how Ferrari also has a waiting list. My only issue with Tesla is that god awful touch screen that looks like a small TV they insist on putting in the dashes. What's wrong with well designed buttons and switches? The primary purpose of a car is to drive it and having to look at a touchscreen for everything you want to change makes no sense.
        Grendal
        • 2 Years Ago
        @throwback
        Like it, or not, they're trying to change everyones perception of a car. As a new manufacturer it makes sense to simplify the dash into a single unit instead of a lot of small parts. I'm not the biggest fan of the touchscreen but I can see why they are doing it.
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