Tesla Motors has revealed in an annual report to the SEC that they are delaying the Model X electric crossover until late 2014. The reason for the delay is because the company wants to pay back the loan to the U.S. Energy Department five years ahead of schedule. They also want to focus more on Model S.
Tesla sent this statement to Autoblog:
Tesla has been intensely focused on Model S, its production and product enhancements and believe there is increased volume potential for Model S. As a result, Tesla has decided to slightly push back the development and timing of Model X to 2014. We do not expect a material impact on our profitability in 2013 or 2014.