Tesla Motors has announced more details on the release of its Model X crossover, amid production and revenue reports for the first quarter 2014.
The electric automaker is in the midst of a huge expansion, during which time it aims to open new stores, service centers and Supercharger fast-charge stations, roll out expansion in China, break ground on its new battery 'gigafactory', and release the Model X--an electric, all-wheel-drive crossover that shares its platform with the Model S sedan. This, said Tesla Motors [NSDQ:TSLA] CEO Elon Musk in a conference call, will also see some changes over the next year, with "some very exciting software updates" on the way.
The company says that "extensive development work" on the Model X is underway, and production design prototypes should be ready by the fourth quarter. Tooling has already begun at Tesla's suppliers, and the company is targeting production in the spring of 2015. While rear and all-wheel-drive versions of the Model X were expected at first, Tesla has since confirmed that the crossover will be all-wheel drive only--a result of customer feedback. Given its electric drive, it's likely the Model X will feature clever torque variability between the axles, for better performance and traction.
In addition to launch information on the Model X, Tesla has announced a first-quarter loss of $50 million in 2014--largely a result of the company's continued growth in several key areas. Tesla's share price, prone to fluctuating wildly with every morsel of news, fell by 11 percent to $178.59 following the first quarter announcement. Tesla reports production of 7,535 units in the quarter, and higher-than-expected deliveries of 6,457 cars. You can read full details in Tesla's shareholder letter (pdf file).