Tesla Motors Inc. (TSLA), maker of electric Roadster sports cars, plans to begin selling the Model X, a rechargeable crossover utility vehicle, in late 2013 as it expands its lineup of battery-powered autos.
The startup led by Elon Musk intends to sell Model X, derived from its Model S sedan due next year, by 2013’s fourth quarter, Palo Alto, California-based Tesla said today in a regulatory filing. Production of the model at Tesla’s plant in Fremont, California, may be between 10,000 and 15,000 units a year, the company said.
“We anticipate that we will make the Model X available with three range variants, with pricing of each variant similar to those of the Model S,” the company said. Tesla said in March that electric Model S cars will cost between $57,400 and $77,400, before a $7,500 federal tax credit.
The carmaker, whose shareholders include Daimler AG (DAI), Toyota Motor Corp. (7203) and Panasonic Corp. (6752), last month said it’s selling 5.3 million new shares to help fund Model X development. Musk, Tesla’s chief executive officer and biggest investor, is buying 1.4 million shares in a private placement as part of the offering.
Shares of Tesla, named for inventor Nikola Tesla, rose 24 cents to $28.76 at 5:20 p.m. New York time in Nasdaq Stock Market trading. The shares have gained 8 percent this year.
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