Tesla Is Delaying Production Of Its Model X SUV By A Year

Tesla will delay the production of its Model X SUV by about a year, it said in its annual report, filed last week.

The electric car company is going through a rough patch: Last week, Tesla lost its legal challenge over a poor review of its Roadster, by the BBC show "Top Gear," in 2008.

Opinionated CEO Elon Musk is still upset over a negative, contested New York Times review of the Model S.

One day after the February 2012 reveal of the Model X, Tesla had secured $40 million in advance sales for the car, which seats seven and features a stylish set of gullwing doors.

At the time, Tesla said Model X production would begin by the end of 2013, and deliveries would start in early 2014, at a rate of 10,000-15,000 units per year.

The revised timeline has production starting in late 2014.

In a statement, Tesla said:

Tesla has been intensely focused on Model S, its production and product enhancements and believe there is increased volume potential for Model S. As a result, Tesla has decided to slightly push back the development and timing of Model X to 2014. We do not expect a material impact on our profitability in 2013 or 2014.

Musk's company did have good news for its supporters as well. It announced it will complete the repayment of its 2010 $465 million loan from the US Department of Energy in 2017, five years ahead of schedule.