Tesla is gearing up to add two cars to its line of electric vehicles. The Model 3—a smaller and cheaper version of the Model S—will be unveiled around March 2016 with production likely starting in late 2017, Tesla CEO Elon Musk said on Wednesday during an earnings call. And the company is expected to start delivering the Model X, an SUV with Falcon Wing Doors, in late summer of this year.
“We certainly have a lot of customers who have been waiting a long time [for the Model X],” Musk said during the call. “This is really a great car. Because it has such a low center of mass, it handles like a sports car even though it’s an SUV.”
In a 2015 Q1 shareholder letter released today, Tesla stated that it was ramping up its production efforts to meet an increased demand for the Model S as well as the new Model X.
In the first quarter of this year, the company built 11,160 cars, averaging more than 1,000 per week during production. In the next quarter ending in June, Tesla hopes to build around 12,500 vehicles and deliver 10,000-11,000 vehicles. And although demand is high for its vehicles, the company lost $154 million in the period ending on March 31, 2015. The company plans to deliver around 55,000 vehicles total in 2015.
Tesla also announced today that it has received an overwhelming amount of reservations for the Powerwall and power pack energy products and will likely be sold out through the middle of 2016.
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