Tesla To Reveal Prototype of Model X Crossover by Year's End

Just the Facts:

• Tesla said it is planning to reveal a prototype of the Model X crossover by the end of the year, in a filing Wednesday with the U.S. Securities and Exchange Commission.
• It also announced plans to offer another 5.3 million shares of stock to help fund the Model X and said it will "end the production run of the Tesla Roadster in December 2011."
• The filing said that Tesla is "designing the Model X to incorporate the functionality of a minivan with the consumer appeal of a sports-utility vehicle."

NEW YORK — Tesla said it is planning to reveal a prototype of the Model X crossover by the end of the year and will end production of the Tesla Roadster in December, in a filing Wednesday with the U.S. Securities and Exchange Commission.

The filing said that Tesla is "designing the Model X to incorporate the functionality of a minivan with the consumer appeal of a sports-utility vehicle." It noted that the electric powertrain developed for the Tesla Roadster "has provided the foundational technology for the Model S, the Model X and for electric powertrain components that (Tesla) has begun selling to Daimler and its affiliates that (Tesla) intends to sell to Toyota."

In an interview late last year with Greentech Media, Tesla CEO Elon Musk confirmed plans to introduce a battery-powered crossover, the Model X, in 2014, about two years after the mid-2012 launch of its midsize Model S sedan.

In a pre-IPO pitch to investors last summer, Tesla said it was planning to build four derivatives from the Model S platform, including the initial car — a midsize sedan — followed by a convertible, a van and a crossover/SUV.

The latest SEC filing suggests the company may have combined plans for the van and the crossover into a single vehicle, the Model X.

Tesla plans to offer another 5.3 million shares to the public to help fund development of the Model X, according to the new filing. It also said it will "end the production run of the Tesla Roadster in December 2011, but will continue to sell the remaining inventory of Tesla Roadsters in the first half of 2012." It said it has delivered about 1,650 Tesla Roadsters to customers in more than 31 countries.

The filing provided more details on Tesla's plans for the Model S sedan. It said that customer deliveries of the Model S are scheduled to begin in mid-2012 and that there are "several drivable prototypes already complete.

"We expect the Model S will be manufactured with an adaptable platform architecture upon which other future vehicles, including our Model X crossover, will be based," it said.

The filing said that Tesla is designing the Model S "to offer a variety of range options from 160 miles to 300 miles on a single charge."

"We anticipate that the initial units of the Model S will be introduced with a Signature Series, which will have range capability of 300 miles and include certain colors and options, some of which may not be available in the general production of the Model S," it said. "We also plan to offer the capability to fast charge in as little as 45 minutes and the ability to rapidly swap out its battery pack at commercial charging stations."

Tesla is targeting an annual production rate of about 20,000 Model S vehicles per year from its Fremont, California facility, with prices ranging from $57,400-$77,400, depending on trim level and performance.

"As of April 30, 2011, we had received approximately 4,600 customer reservations with a minimum refundable payment of $5,000," it said of the Model S.

The filing said that Tesla is also granting up to 795,000 shares of common stock to its underwriter at $26 a share and that Musk plans to buy 1.5 million shares directly from Tesla in a private placement.

Inside Line says: Tesla's U.S. Securities and Exchange Commission filing offers a deep dive into its future product plans.