Tesla seeking additional funding for all-electric Model X SUV

Tesla Model S

Tesla Motors, the maker of the electric Roadster sports car and the upcoming electric Model S sedan, is considering seeking additional investment from equity sales to help pay for production of its third electric car – an all-electric SUV known as the Model X.

Details of the Model X electric SUV have been scarce but it is widely known that the model will use the same powertrain setup as the Tesla Model S sedan.

“We do have enough capital to reach cash-flow positive without raising another dollar,” Musk said on a recent earnings call. “There’s a decent chance we will raise a secondary for the Model X activity and some additional potential headroom growth on the Model S production.”

Tesla said that it has a total of 4,600 reservations for the Model S sedan, which required a down payment of $5,000. Prices for the Tesal Model S will start at $49,900 (after a $7,500 federal tax credit) for the entry-level 160-mile range model. The 230-mile range variant will cost an additional $10,000, while the 300 mile range variant will cost an extra $20,000. Final pricing figures will be announced this summer.

Refresher: The Tesla Model S sedan can be recharged from any 120v, 208v or 240v outlet. Depending on which Model S trim-level you chose, the all-electric sedan will provide you with a total range of 160, 230 or 300 miles per charge. 0 to 60 comes in just 5.6 seconds with a top speed that is limited to 130 mph. Pricing is expected to come in at $49,900 after a federal tax credit of $7,500. A $5,000 reservation fee is required but is refundable.

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– By: Omar Rana

Source: Venture Beat