Tesla takes 500 Model X reservations worth $40M, Model S sales also spike

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.

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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 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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