Tesla Motors’ portfolio of vehicles is slowly growing, which is welcome news for a company that only a few years ago, was struggling to make a profit. In a recent meeting to discuss the company’s quarterly earnings, Tesla CEO Elon Musk announced that the company is preparing to unveil its very first sport utility electric vehicle by the end of this year.
The SUV, which is being touted as the ’Model X’, will share the same powertrain and technology as the other electric cars the company has in its line-up, saving precious time and resources in the development of the SUV along the way.
“The plan is to have an unveiling of the Model X prototype in the mid-December time frame,” Musk said. “So far it’s looking good, I don’t think anything will cause an issue.”
Another factor that expedited the development of the Model X came from the $210 million Tesla was able to raise a few months ago, enough funding to keep the project moving along.
As for the Model X, the vehicle is set to become Tesla’s third electric model following in the reins of the Roadster and the Model S . Full details surrounding the Model X have yet to be revealed, but that hasn’t stopped Tesla from looking at building 15,000 Model X units every year as soon as production begins in 2013.
*Photo features the Tesla Roadster and the Tesla Model S