Tesla’s Musk Says Model X Will Double Company’s Sales

Why It's All About the Model X for Tesla

Tesla Motors Inc.’s new Model X sport utility vehicle will double the company’s sales volume, Chief Executive Officer Elon Musk said.

Musk, speaking with reporters Tuesday at the annual Allen & Co. media conference in Sun Valley, Idaho, didn’t elaborate. The vehicle is slated for introduction this quarter.

Tesla is counting on the new SUV to reach a goal of selling 55,000 of its all-electric vehicles this year. The company, which currently sells only the Model S sedan, delivered 21,552 cars in the first half of 2015, or about 40 percent of the company’s overall goal.

Demand for the new vehicle ‘is there,’’ Dan Dolev, a Jefferies LLC analyst, said last week.

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