Tesla announced that it would begin delivering its first luxury electric crossovers, the Model X Signature series, on Sept. 29 to customers who have already reserved the sport utility vehicles.
The premium-priced special version of the Model X, eagerly awaited since it was announced in early 2012, will be priced between $132,000 and $144,000, a Tesla spokeswoman said.
Chief Executive Officer Elon Musk tweeted that the first production cars would be handed over Sept. 29 at the company's factory in Fremont, California.
Tesla has for some time been referring to 2017 as the year it will bring its fully electric car with a $35,000 starting price to market. But it's good for investors to hear Tesla is sticking with its timeline, even with Model X deliveries about to begin.
If demand for Model 3 pans out anything like it has for Model X, Tesla probably won't have to worry about doing much to solicit interest in the Model 3 ahead of launch. Despite no advertising and very little information on Tesla's Model X, the company had over 20,000 deposit-backed reservations for the vehicle going into 2015. And keep in mind: Those putting money down for their reservations knew that the Model X would be more expensive than Tesla's pricey Model S.
At a much lower price point than Model X, the addressable market for Model 3 will be far larger. How many reservations for Model 3 can Tesla solicit? Assuming the company chooses to share this information with investors, we'll find out next year.