NEW YORK (TheStreet) -- When Elon Musk, Tesla's  (TSLA) chief executive officer and product architect, announced Tuesday at his company's annual shareholder meeting that deliveries of the much-anticipated Model X SUV are expected to begin, he said they were likely to arrive in the third quarter.

"We're expecting to begin our first deliveries in probably about three or four months," Musk said. "I'm looking at the latest iteration of the Model X every week," he said. "It's turning out to be a really great car."

Added Musk: "The Model X may arguably be a better SUV than the Model S is a sedan."

Production of the Model X has been delayed several times from the original plans to begin in 2013. Musk said the company is working on ensuring that features like the Model X's falcon-wing doors and second-row seats are created properly. 

As far as pricing, the Model X is expected to cost roughly the same as an equally equipped Model S. Prices for the Model S sedan start at about $70,000.

Musk also announced a software upgrade for the Model S that will include autopilot driver-assistance technology and said the upgrade may become available to early-access customers at the end of this month.

He warned, however, that the first version of the autopilot technology is designed such that the driver ought to be paying attention to the road and ready to take over if an issue arises. The feature is intended to work similar to how the autopilot function works on an aircraft in alleviating the workload but still requiring the driver's attention.

Musk teased that increasing the capabilities of Tesla's autopilot feature is something the company plans to do but that this is years away from being brought to market.

TheStreet's ratings team rates Tesla Motors as a hold with a ratings score of C. The team has this to say about its recommendation:

"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

"The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."

You can view the full analysis from the report here: TSLA Ratings Report

At the market's close on Wednesday, the share price of Tesla was $250.70, down 2.07% for the day.

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