PALO ALTO, CA – Electric automaker Tesla Motors said it is currently working on the concept, design and financing for its Model X electric crossover vehicle, which the company hopes to begin selling in late 2013.

Meanwhile, Tesla reported that it has received more than 4,600 reservations for the Model S. Reservation holders will be invited to test drive the Model S in early 2012. The electric sedan's design prototype is now on tour in some markets.

Model S production is scheduled to begin in mid-2012 with the Signature Series. After the Model S Signature Series, production for North America will continue with the 300-mile batteries, followed by 230-mile and 160-mile battery options later in 2012.

Tesla plans to produce 20,000 Model S units annually. In 2012, Tesla expects to produce around 5,000 to 7,000 vehicles as the Tesla Factory reaches its planned production capacity.

Tesla recently opened a new retail location at the Park Meadows shopping center outside of Denver. Later this month, the company will also open a service center in Glendale, Col.

Tesla Model S

Tesla Model S