Tesla Motors releases new battery-powered SUV

Tesla Motors releases new battery-powered SUVElon Musk led Tesla Motors has showcased its new battery-powered sport-utility vehicle, which is expected to go on sale next year.

The new SUV with gull-wing doors, Model X is claimed to be faster than Porsche AG's 911 sports car and has more space than Audi AG's Q7 SUV. The model will be launched in the market following the debut of the company's Model S sedan.

The Model X will be produced in 2013 at the company's Fremont, California. The car deliveries will begin next year and will pick up pace in 2014. The Model X has two electric motors and will be offered with all-wheel drive. The model was showcased at Tesla's design studio in Hawthorne, California.

Musk said, "The sensible thing to do is to extend the platform of the Model S into other applications, and the next application logically is the SUV/minivan arena. For relatively little capital investment, maybe between a third and half of what we spent on Model S, we can bring the Model X to market."

Tesla has said that it hopes to become profitable for the time by next year after launching Model S. Musk expects the Model X to sell as well as Model S in the market.