Tesla sees huge interest in the Model X

The automaker receives $40 million in advance orders just one day after announcing its newest vehicle.

By Kim Peterson Feb 15, 2012 7:57PM
Credit: © Tim Rue/Bloomberg via Getty Images
Caption: Tesla Motors Inc.'s Model X vehicle is unveiled at Tesla's design studio in Hawthorne, CaliforniaTesla Motors (TSLA) has got to be feeling good about the prospects for its new Model X, which won't even begin production until the end of next year.

A day after the company revealed the car, it said it received more than $40 million in advance orders. You only need to put down $5,000 to reserve one -- and that amount is fully refundable -- but it does show legitimate enthusiasm for a car that won't be delivered until 2014.

Tesla hasn't even said how much the sports-utility vehicle will cost. It's targeting a production volume of between 10,000 and 15,000 units per year.

Tesla's CEO talks more about the Model X in the following video.

Post continues below.
Side doors that lift up, rather than out, are the defining feature of the Model X. Tesla says the doors, which it calls Falcon Wings, open so high that adults can stand all the way up to enter or exit the vehicle.

The battery-powered Model X doesn't use any gasoline. And Tesla says it can go from zero to 60 miles per hour in less than five seconds. No wonder people are intrigued.

Tesla shares closed up more than 1% Wednesday to $33.60 after the company reported a fourth-quarter loss of 69 cents a share on revenue of $39 million. Analysts were expecting a loss of 63 cents a share on $37.4 million.

But investors seemed pleased by the company's full-year forecast of revenue between $550 million and $600 million. Analysts were expecting about $530 million.

Right now, Tesla makes most of its money selling battery packs and other parts to Toyota Motor (TM) and Daimler AG (DAI), Bloomberg reported.

This is a transition year for Tesla. It's winding down its $109,000 Roadster sports car and plans to start producing the Model S later this year. At a price of $57,400, the Model S is expected to have more mass appeal.


Tags: DAITMTSLA
4Comments
Feb 16, 2012 5:30PM
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Depends on where you live.  Here on the left coast we get most of our power from hydro.  We are also building out wind and solar farms.  4 years ago, the US didn't make wind turbines.  Today, we make 60% of the turbines we install here, and that number is going up.

 

We need to stop burning carbon, but even if you do burn coal in your area, It's cleaner to burn it in a central plant, and use it in an electric vehicle, than to get the same vehicle miles from gasolene.

 

I should also note that a gas car will get more expensive to own over time.  An SUV that gets 17.5 mpg will burn over $45,000 in gas over the course of 200,000 miles.  An electric vehicle costs about one seventh that amount to operate in my area.  And that assumes gas remains no higher than 4 bucks.  The 39,000 you save in gas makes the expensive electric luxury car cheaper over the course of it's life.  Once people do the math, there will be significant appeal.

Feb 16, 2012 6:56PM
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I live on the left coast too. And no, MOST of the electricity does not come from hydro. It comes from  nuclear. They sit right on the coastline and right on the fault line. That's better? As for wind its not as clean and fuzzy as most think. The tips of those 300 ft. long turbines are traveling very fast and are noisy. They kill lots of birds. And much of the wildlife moves out of the area when they put up wind turbines. You want one in your neighborhood? Natural gas makes way more sense but lots of people are brain washed into believing EV's are great so that's the big push right now. But when it comes to buying that new car 99.9% of buyers are giving the EV's the well deserved finger, including the leaders of the USA. What's powering Obama's fleet of limo's? And how much more jet fuel was burned when he just had to go to Hawaii for a vacation instead of staying on the right coast and relaxing? Real Green he is. Not.
Feb 16, 2012 6:18PM
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I like those guys that bring stats from no-where just to look serious... The God Problem, where have you been fishing that US didn't make wind turbine 4 years ago???

GE wind was making 4 billion $ worth of them... and yes General Electric is American... ask Thomas Edison... oh and was doing 8 billions of thermal at the same period... and 200 millions in hydro

 

Electric car is not a carbon saving thing, since there is already a lack of green energy even in the west coast. If you raise the demand for electricity by 100% in the next 10 years, you are going to get that 100% from non green source...

 

Here in Quebec, where 98% of our electricity is clean, we either wouldn't have any impact on the planet since  we sell our surplus of green electricity to the USA. If we use that energy, then the USA carbon plants start smoking more...

 

Before thinking about cars, we need first to address the electricity issue, witch seems to be a much bigger problem.

Feb 16, 2012 2:13PM
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A $57,400 coal burning car will have mass appeal? Sure it will.
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