Tesla sells $40 million of the new Model X, but...

Tesla sells $40 million of the new Model X, but still losing money.

Electric car maker Tesla recently unveiled the new Model X - a replacement for their older Model S. The company has since taken 500 reservations for the car, which will amount to around US$40 million once the car goes on sale. Depending on the options the buyers choose, the car will cost $60,000 - $100,000 when released in 2013.

Despite CEO Elon Musk calling the sales “a home run”, Tesla is still lost $254 million in 2011, mainly due to the cost of development, which was $208 million in the same year.

Tesla is planning to next bring a mass market electric vehicle to market, at a more affordable cost of $30,00o. No further information was given on that vehicle. The company also generates income from sales of its Roadster electric vehicle, and providing development services to Toyota and Mercedes.

The Huffington Post