Tesla delivered its first Model X SUV Tuesday night at an event at its Fremont, Calif., headquarters.
The Model X is Tesla's first SUV, coming on the heels of the Tesla Model S sports sedan. The new SUV could generate interest among new customers interested in all-electric vehicles but who want something larger than the Model S. As Fortune's Katie Fehrenbacher writes, Tesla is leaning on the Model X to bring in new revenue while it builds its next vehicle, a cheaper Model S alternative called the Model 3:
But importantly, Tesla is relying on the Model X to deliver needed revenue as it tries to get its next vehicle, the cheaper Model 3, to customers. And the company has been spending a massive amount of money trying to do that.