Tesla Motors, the youngest publicly traded US automaker, has been an investor sweetheart for years, even though it only builds and sells one car – the luxurious electric Model S limousine.
The company started out with a Lotus-based model called the Roadster, an electrically-driven, battery-powered cabrio model that was only sold in a few thousand units. Then moved on to conquer the green luxury world thanks to its highly praised Model S sedan, which turned billionaire entrepreneur and co-founder, Elon Musk, the company’s chief executive into an automotive guru. But while investors have been keen on lifting the shares of the automaker to heights only dreamed by the rest of the automotive world, the truth is Tesla’s sales have remained confined in the niche it helped create – only 35,000 Model S limousines were sold last year around the world.
Now CEO Musk has recently said the upcoming Model X sport utility vehicle is going to double the company’s delivery volume. The comments were made during the annual Allen & Co. media conference in Sun Valley, Idaho, but Musk refrained from elaborating further. The model, after some setbacks that pushed its introduction to this quarter, could bode well with the recent demand boom across the SUV and truck segments in the United States. Tesla is gearing on a sales goal of 55,000 units of all-electric vehicles this year, as the line-up is joined by the new crossover. So far, after six months and only selling one model, Tesla delivered 21,552 Model S cars, around 40 percent of the overall target for the year.