Tesla Motors Inc. Chairman and Chief Executive Elon Musk declared that the company is on the schedule with the terms of the loan from the federal government and that it is ready to launch two new models by the end of 2012.
“We have a lot of cash in the bank,” Mr. Musk said in an interview ahead of the scheduled unveiling of a prototype of its third vehicle, the Model X. Elon Musk, the chief executive of the electric-vehicle start-up, said the crossover-like car would enter production in late 2013.
“This is kind of the killer app for families,” Mr. Musk said of the X in an interview after a preview for media. “It has more utility than a minivan, and better performance, much better performance, than an S.U.V.”
Its shape resembles to the one of the Acura ZDX and BMW 5 Series Gran Turismo, and its vast interior space makes us think of the minivans and S.U.V.’s. News about the electric car came a short while after Fisker Automative declared that it can’t meet sales benchmarks outlined by the Energy Department in the $529 million loan from 2009, and that it had to lay off dozens of workers. But the same year Tesla received a $465 million loan from the department.