Despite a series of setbacks, the Telsa Model X crossover seems to be on track for arrival later this year.
The American electric car manufacturer revealed the status of its major projects in an SEC filing yesterday that outlines the necessary milestones for CEO Elon Musk to qualify for an equity grant with the company. Of the 10 operational milestones the filing outlines, Tesla has completed two: development of an Alpha prototype of the Model X crossover slated to arrive later this year and development of a Beta prototype. The next item on Musk’s checklist is for Tesla to complete a production version of the Model X. Meanwhile, the company is still well within its timeline to complete prototype development of the Model 3 to meet its 2017 production goal.
When the Model S was under development, Tesla announced completion of it’s Alpha prototype in December, 2010 and the first Beta prototype in October, 2011. That was roughly nine months before the company delivered its first Model S in June 2012.
Tesla delivered 31,655 vehicles in 2014, falling short of its previously stated 33,000 goal. The company produced 35,000 vehicles last year and expanded its production capacity to over 1,000 vehicles per week. Total worldwide deliveries for the company now sit at 57,000, but Tesla expects to increase those numbers significantly in 2015. In its annual SEC filing, Tesla said it expects to deliver 55,000 vehicles this year worldwide, split between the Model S and Model X, which ride on the same basic architecture.
A massive increase in Tesla’s Supercharger network is a key pillar in making that possible. By the end of last year, there were 337 Supercharger stations worldwide.
If the company achieves its projected increase in deliveries, it would mark an increase of roughly 74 percent compared to 2014. But the Model X isn’t expected to arrive until late 2015, leaving the Model S to carry most of that burden.
On September 30, 2014, Tesla was sitting on roughly $220 million in completed inventory, but that figure swelled by about 75 percent to $397 million in the following three months. In order to achieve its delivery goal, the company will also need to product an average of just over 4,583 units per month and find homes for those vehicles.
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