Tesla announces deliveries of the Model X Signature series crossover vehicle will begin on September 29th. Its mass market vehicle, Model 3, will be unveiled in March 2016. Shartia Brantley reports.
Tesla announces the delivery date for its first luxury electric crossover, the Model X Signature series. The sport utility vehicle will be available on September 29th from its Fremont, California factory. Tesla's CEO Elon Musk made the announcement via Twitter on Wednesday evening. The limited edition Model X was first announced in 2012 and will be priced between $132,000 to $144,000. Tesla will expand its product line further with the introduction of the Model 3. This mass-market vehicle will have a lower price point, starting at $35,000. Musk also tweeted about this car saying it will be unveiled March 2016 and pre-orders will be accepted. Production will start in about two years as the company builds its lithium-ion battery plant in Nevada, which is expected to lower manufacturing costs. Stifel Nicolaus' James Albertine says the production schedule is consistent with what management has been targeting: "They have broken ground and construction is underway. I don't think the tweets have suggested a pull forward or a pull back, it's fairly inline with what we have anticipated." Tesla shares are up in early trading.