When Tesla Motors (TSLA) founder and CEO Elon Musk throws a corporate release party, you know it’s going to make a splash.
On Tuesday night, at Tesla’s Fremont, California, production facility, Musk and company failed to disappoint with the official unveil of the crazy, sexy, cool Model X crossover SUV.
Like just about everything associated with Tesla products, as well as with Tesla stock, there was an amped-up level of excitement surrounding the Model X launch.
Part of the reason has to do with the long wait leading up to Model X debut. But, the game-changing, all-electric SUV now has been delivered to the first pre-order customers, and within a few months you’re likely to be gawking at a Model X at a stop light, a parking lot — or passing you down the highway.
Last night’s glamorous Model X unveil was classic Elon Musk, as the corporate showman exuded pride, understated style and a confidence that only comes from knowing that you’ve just accomplished something great.
For Musk, and for Tesla stock owners, the official launch marks another major milestone for the most exciting car company — and one of the most exciting stocks — to hit the market in the past decade.
The Model X: Finally.
As most watchers of Tesla stock know, the Model X has been in the concept and production stages for years. And, last night’s launch party was supposed to take place in 2013.
Confronted by a series of well-documented obstacles with the Model X — including design of the interior, manufacturing delays and issues with the vehicle’s signature “falcon wing” doors — Musk was forced to delay the Model X release multiple times.
Those delays slowed TSLA stock, but now I suspect shares are about to get recharged.
Now, however, the waiting is over—and in my opinion as both a “car guy” and a Tesla stock guy, the wait was well worth it.
Here’s the tale of the tape on the Tesla Model X:
- Speed: The P90D version with Ludicrous Mode can go from 0 to 60 mph in a neck-snapping 3.2 seconds. Top speed is 155 mph.
- Range: Up to 257 miles on a single full battery charge.
- Towing: The vehicle can tow up to 5,000 pounds while also carrying seven passengers (bring on the boat or the horse trailer).
- Safety: A five-star safety rating that, according to Musk, actually deserves a “sixth star.”
- Price: From $80,000 for the base model to $132,000 for the Signature Series
As for the sexiest feature on the Model X, it’s by far those falcon-wing doors.
Musk demonstrated their beauty and functionality at the release party by parking a minivan and an SUV really close to the Model X, and then opening up the doors to show the packed house of employees, fans and media types just how easy it is to get in the car when it’s parked just inches away from another vehicle.
As he usually does, Musk brought up many of the questions and concerns he’s received about the Model X, such as how the falcon-doors work in a garage with little clearance.
And with the corporate skill set equivalent to a tennis great Novak Djokovic’s return of service, Musk hit winner after winner in last night’s event — and his ability to do that is one of the reasons I and so many others are so bullish on TSLA stock.
I’m looking for TSLA shares to enjoy a nice Model X-driven bounce in today’s trade. I suspect that bounce will have plenty of range, too — especially as Tesla stock basks in the glory of what is by far the coolest, most innovative and sexiest crossover SUV on the planet.
Bravo, Elon. Bravo.
As of this writing, Jim Woods was long TSLA.