Tesla Motors said Monday that it would have a prototype of the long-awaited Model X crossover vehicle by the end of the year and begin producing it for consumers in early 2015.

The electric car company, which announced the update via email to its customers, initially said it the Model X would go into production in the spring of 2015, according CNN Money.

Tesla also said in the email that the Model X would come equipped with falcon-wing doors and all-wheel drive, however, it added that a third row of seats would be "optional." Some people objected the company's plan to not have a third row be standard on the Model X forum on Tesla's website.

Tesla has been taking reservations and deposits from consumers for the Model X and even received $40 million in orders immediately following the company's unveiling of the vehicle more than two years ago, CNN reported.

The company has not disclosed how many reservations is has received nor how much it will cost. The current Model S sedan starts off at around $69,000.

At the end of March, Tesla had received $198 million in deposits for both the Model X and Model S sedans. The company's deposits grew by 21 percent from the end of 2013, according to CNN.

In February, Tesla Chief Executive Officer Elon Musk estimated that the company would see a larger demand for the Model X than it saw for the Model S, which has been the company's only vehicle and earning top remarks and critical acclaim in the auto industry.

Tesla's shares got a 9 percent boost in the stock market by the end of trading Monday and its shares continued to climb 3 percent more Tuesday. Tesla's shares reached its record high in late February as the company still continues to be up more than 50 percent this year.