It has been recently revealed that Tesla Motors Inc. has unveiled their third Tesla model, which is a complete sport utility vehicle known as Model X. The car will go for sale by the end of 2013, said the Chairman and Chief Executive, Elon Musk.

The Model X is a complete SUV which is made to travel about 270 miles after being completely charged. Musk told that they are working on other two models and would launch subsequently after the Model X. In addition, Tesla is also working on a new system which would be used to recharge cars at highways rest stops and on service stations.

A lot of questions were being raised about whether or not the electric car designers and manufacturers have complied with loans which they have taken from Federal Government. Musk told that they have very well managed to stay within the limits and also have saved a bit.

Announcement of the Model X is said to be a great relief for electric car industry in the US. For a long time, the industry has been passing through a rough phase and many established electric car companies have closed their units.

One of them is Fisker Automotive Inc., which was closed last week. The company affirmed that the Energy Department did not allow them to draw more money from the grant which they have received under an Obama administration program.

Energy Department was quick to answer back and affirmed that they have to freeze the account of the company as they have violated some of the terms and conditions, and has even missed some of the important deadlines. Energy Department officials said that they did not want to set an example for others. And so, they took their decision.