The much-awaited Tesla Model X was finally unveiled last October. The luxury electric SUV with the much-hyped falcon-wing doors is a beauty to behold.  However, owning one will come at a steep price. The Model X P90D Signature model is priced at $132,000 and the P90D Founder Edition with Ludicrous mode is at $142,000.

Thankfully, Tesla has revealed that it will be releasing a much cheaper P70D model next year. It will be priced at $80,000 with an additional $1,200 shipping charge. The P70D model is priced $5,000 more than the base Model S sedan. Customers availing of the electric vehicle will also get up to $7,500 in federal tax credit depending on their respective states. 

The Model X P70D is equipped with a 70 kW battery pack that will give a driving range of about 220 miles and the all-wheel-drive will go from 0 to 60 mph in six seconds.

On the other hand, to keep costs down, specific trimmings and features will incur additional costs. To avail of the third-row seating, customers will have to pay $3,000 for the six-seat configuration and $4,000 for the seven-seat configuration. The Autopilot self-driving feature will also incur an additional $2,500.

Other optional features include a premium audio system ($2,500), a cold-weather package ($1,000), a towing package ($750), adjustable air suspension ($2,500) and a bundle of premium upgrades ($4,500).

Tesla has a Model X configurator but it is currently viewable on an invitation basis. According to Tesla spokeswoman via CNET, the Model X configurator will be made available for the general public in the coming months.

While the cheaper P70D model is sure to lure in more prospective buyers, they will have to wait a while before getting their hands on their very own Tesla SUV.

Currently, Tesla is working on producing and shipping the more premium Model X P90D. The Model X P70D isn't expected to ship out until late 2016.