After three years of delay, Tesla's much-awaited Model X will finally be available to consumers by September.

Model X, a battery powered sports utility vehicle, was first unveiled in 2012 alongside the Model S sedan. However, production on the Model X vehicle was met with two subsequent delays when the company struggled to meet demand for the Model S vehicle.

According to Tesla Motors, "Model X comes with an all-wheel drive standard, powered by two independent, digitally controlled electronic motors. It combines the space and functionality of a seven seat sport utility vehicle with the uncompromised performance of a Tesla." The vehicle also features upward-swinging "falcon doors."

Model X also has a higher ride height, which makes it the largest vehicle available from Tesla Motors. The SUV is expected to be in the same price range as the Model S.

Model X already has more than 20,000 reservations. People were expected to pay $5,000 in order to reserve one of the new vehicles. According to Elon Musk, CEO of Tesla Motors, customers can expect the vehicles to be delivered before Sept. 30.

In a conference call with investors, Musk noted "Tesla is moving into a more mature phase now, trying to manage production of more than one vehicle on the same assembly line in Freemont, California."

Tesla also announced that a more affordable option, Model 3, will be unveiled in the first quarter of 2016 and expected to be delivered by late 2017. Model 3, a fully electric vehicle, will have a $35,000 price tag. The company also plans to release the Model 3 as a family of vehicles which includes both sedan and crossover variants.

When asked if the release of the Model 3 will slow down production of the Model X and Model S vehicles, "Simply put, in a choice between great product or hitting quarterly numbers, we will take the former, said Musk.