TESLA'S MUSK UNVEILS LONG-AWAITED MODEL X, STOCK RISES

Silicon Valley electric carmaker Tesla has unveiled its third model so far - a sports-utility vehicle distinguished by its double-hinged "falcon wing" rear doors, which unfurl themselves upwards to help parents put their children inside. The company's stock rose 2% after the event.

The Model X was launched nearly two years later than originally scheduled.

The firm's chief executive Elon Musk acknowledged that the "difficulty in engineering" some of the parts involved had been greater than he had initially estimated.

The car can fit seven people and can travel about 250 miles (400km) on a single charge. It reaches top speeds of 155 miles per hour, and goes from zero to 60 mph in 3.8 seconds (3.2 seconds in the “ludicrous” upgrade, which is $10,000 extra.)

Unlike gull wings of the past, the falcon-wing door has two hinges to better negotiate tighter spaces, Musk said. The doors also have sensors that can measure ceiling heights and gauge various obstacles helping navigate around them.

The price runs as high as $144,000 and is expected to cool demand, analysts say.

Tesla first showed a concept for the car in 2012, with an initial target launch of late 2013. The car has been constantly delayed while sales of the Model S sedan — the first all-electric car fully designed and constructed by the Silicon Valley auto maker — picked up. The company hopes to start production on its next car, the Model 3, in about two years, according to Musk, and price it lower for mass-market consumption.

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PORSCHE'S NEW FAST CHARGING ELECTRIC CAR IS A FRESH CHALLENGE FOR TESLA

Porsche revealed a four-seat sports car that accelerates faster than the 911 and gets charged in just 15 minutes, which issues a challenge to Tesla Motors Inc. to keep pace.

Head of Volkswagen AG Matthias Mueller said at the International Auto Show in Frankfurt that the Mission E concept reaches 100 kilometers (62 miles) per hour in 3.5 seconds, beating the 4.2 seconds for the new generation of the 911. Moreover, the 600-horsepower car has a range of more than 500 kilometers and can recharge the battery to 80 percent capacity in about 15 minutes.

Porsche Mission E

In comparison, Tesla’s Supercharger needs about 30 minutes to recharge the Model S to about 170 miles of range.

Porsche and sister unit Audi are among the elite car brands turning to battery-powered models as Tesla develops into a serious competitor.

The electric-car maker will start deliveries of the Model X crossover later this month, and a more affordable model will soon begin to be delivered.

A blow to traditional competitors, the firm run by billionaire innovator Elon Musk has received bright reviews for the acceleration and handling of the Model S.

Tesla Model S

Meanwhile, at the Frankfurt auto show, Porsche introduced a new generation of the 911 sports car. The model features biturbo engines that generate at least 370 horsepower.

More than 200,000 cars are planned for selling for the first time this year, driven by demand for the $52,600 Macan compact SUV.

The Mission E concept uses an 800-volt electric system, double the voltage of other systems, Bloomberg reports. That helps reduce charging times and lowers weight, the company said. To assist in operating the vehicle, the car features eye-tracking and gesture control, including the use of holograms that allow the driver to grab apps out of the air, according to the producer.

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