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Filed under: Crossover, Tesla, Electric

If the prevailing opinion of a new design can be judged by initial sales, then the jury is in on the Tesla Model X. They like it. They really, really like it. From the time the electric crossover was driven out on stage at Tesla Design Studios late Thursday night/early Friday morning until Valentine's Day four days later, the company says it has received over $40 million worth of reservation love.

What that means is that over 500 people have plunked down a significant amount of cash - $5,000 for regular production version or $40,000 for a Signature package - to reserve a vehicle that won't even begin serious production until 2014. Think about that for a moment. Nobody, except a lucky few employees, has even driven the X prototype. Hell, barely anyone has ever taken the wheel of the Model S, with which it shares its platform.

While some of the orders did come from people switching their Model S reservation to the X, Tesla says sedan sales weren't cannibalized. In fact, the company says, sales of the S saw a boost of 30 percent following the big event.

Another indication of sentiment for publicly traded companies like Tesla Motors (TSLA) is its stock price. If you panicked and sold off shares a month ago when the price plunged 20 percent on news of the departure of a couple personnel, you may want to begin kicking yourself now. (Go ahead, we'll wait.) From that $22.79 low, it has climbed to $33.17 (as of this writing). Now, we're not financial experts, but that would seem to indicate that the market likes the company's outlook.

Make your way past the break to read the press release and, if you were unable to see the live presentation of the Model X on Tesla's website, we have that official footage waiting there as well.Continue reading Tesla takes 500 Model X reservations worth $40M, Model S sales also spike

Tesla takes 500 Model X reservations worth $40M, Model S sales also spike originally appeared on Autoblog on Wed, 15 Feb 2012 10:33:00 EST. Please see our terms for use of feeds.

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