Tesla on Wednesday showed a major redesign of its electric sedan, Model S, in its fourth quarter 2020 earnings report.
The company shared photos of its new interior and exterior of the car that will be launched later this year. It also introduced its “Plaid” offering, a three-engine propulsion that allows the car to move from zero to 60 miles per hour in less than 2 seconds. The new Model S starts at $ 79,990. Its Plaid version starts at $ 119,990.
CEO Elon Musk said in a call on Wednesday that Model S Plaid is now in production and will be delivered from February.
“It’s really a huge improvement over the previous version,” Musk added.
At the end of 2020, Tesla closed the production lines for the Model S and Model X at the Fremont plant to be ready to manufacture the updated versions of the cars, a sedan and an SUV with falcon wing doors. The company said production will resume Wednesday in the first quarter and will resume to full capacity over time.
‘We have been upgrading our Fremont factory for the past few weeks to introduce the new Model S and Model X. These changes include a new driving force (battery modules, battery packs, drive units), a completely new interior, exterior updates and other improvements, ‘the company said in its latest earnings update released on Wednesday.
Delivery of Tesla’s Model S and X declined in 2020 and amounted to just 18,966 in the fourth quarter. Tesla does not break out vehicle sales according to individual model types.
Production of the two models dropped year-on-year to 16,097 in the fourth quarter, according to the report.
Tesla Model S interior
Tesla
Shares fell more than 3% in extended trading after the company reported Q4 2020 earnings. The company reported earnings of 80 cents per share of $ 10.74 billion. Analysts expected a profit of $ 1.03 on revenue of $ 10.4 billion.
The company also provided some production guidance and wrote: ‘Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries.’ The company expects faster growth than that for 2021.
Lora Kolodny of CNBC contributed to this report.
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