Billionaire Elon Musk, owner of Tesla Motors, announced that its company will very soon launch its third all-electric vehicle in 12 years.

The latest vehicle from Tesla is quite different from the two earlier released vehicles sportier Roadster and Model S.

But the major difference in the company's newest Model X is that its looks will be quite different. The company said in a statement that the looks of Model X have been especially designed keeping in mid the needs of women.

Musk earlier has called the Model S 'a little too guy-centric' and said the new Model X would be a product of 'paying more attention to the needs of women'.

It's an interesting and an important pivot for America's smallest, youngest, publicly traded carmaker.

SUVs are one of America's best-selling vehicle types, and they are increasingly popular among women drivers, one of the country's fastest growing markets.

Tesla designers gathered a women's focus group at its headquarters in Palo Alto, Calif., last year to survey which aspects of the Model X the group found most appealing.

First unveiled in 2012, the crossover SUV is huge, with space for seven passengers, three rows of seats and an expansive trunk space.

Musk said Tesla's newest vehicle offers all-wheel drive and is expected to go from 0 to 60 mph in less than five seconds.

As it is heavier, it will not be able to go as far on a single charge as the Model S, he added. Its range is expected to be between 170 and 230 miles, depending on the size of its battery pack.