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In a letter to shareholders Wednesday — and assuming there are no more unexpected delays — Tesla CEO Elon Musk made clear that the company intends to reveal the Model X all-electric crossover in September. “As we prepare to launch Model X in September, we are building more validation vehicles, executing final engineering and testing work, enabling our new manufacturing equipment and finalizing arrangements with our suppliers,” Musk wrote. “We have been producing release candidate Model X bodies in our new body shop equipped with more than 500 robots as we fine-tune and validate our production processes.”

Musk said the Model S and Model X will share the same assembly line, and will transition Model S painting to a new shop that the Model X will use from the get-go. Tesla is on target to sell 50,000 to 55,000 Model S and Model X cars in 2015, depending on how everything goes up and down the supply chain for components. Musk did warn that ramping up Model X production could temporarily slow down Model S assembly as a result of the shared assembly line.

So what is this thing again, exactly? At an expected (and still unconfirmed) price of $55,000 to $75,000, depending on options, the Model X should compete with upscale, midsize crossover SUVs like the BMW X5 and Acura MDX on the loaded end of the spectrum. Each Model X comes with all-wheel-drive and two independent electric motors — along with a set of Falcon Wing rear doors that fold up and out of the way for third-row seat access, all for the full DeLorean effect.

Beyond that, details are still scarce on this car, even though Tesla first announced it way back in February 2012. For example, we still have nothing on projected range or even curb weight and overall dimensions, although Musk did project a 0-60 time of less than five seconds.

If you know you want a Model X, you’re already in for a long wait. Reservations require a $5,000 deposit and have a current estimated delivery of “early 2016.” Having said that, Model X buyers will likely get a great vehicle, if past history is any indication. Tesla has made waves not only with the quality and performance of its electric cars, but also its direct-to-consumer sales model, its free maintenance (and mostly lack of necessary driveline maintenance), and over-the-air software updates and dealer-installed hardware upgrades that improve existing cars over time — the latest being the Model S P85D’s $10,000 Ludicrous Speed mode package, which helps the car launch to 0-60 in a scant 2.8 seconds, with the quarter mile flying by in a blistering 10.9 seconds.

So while the Model X is somewhat less expensive than the Model S — at least at the base level, although the prices start to overlap as you go up — no one will confuse the Model X for an inexpensive car, either. The company’s next move after this will be further downmarket. Tesla is still playing coy on the $35,000 Model 3 it announced a while back. That car is expected to do serious battle with the class-leading BMW 3 Series as an entry-level, all-electric vehicle. For that, we’ll have to wait until at least 2017, which admittedly isn’t that far away anymore all of a sudden.