Tesla on Wednesday showed a major overhaul on its electric sedan, the Model S, in its 2020 fourth quarter earnings report.
The company shared photos of its new interior and exterior of the car that is due to be launched later this year. It also introduced its “Plaid” offer, a tri-engine powertrain that would allow the car to go from zero to 60 miles per hour in less than 2 seconds. The new Model S starts at $ 79,990. Its chess version starts at $ 119,990.
CEO Elon Musk said in a earnings conference call on Wednesday that the Model S Plaid was in production now and will be delivered starting in February.
“It is really a tremendous improvement over the previous version,” added Musk.
In late 2020, Tesla closed the Model S and Model X production lines at its Fremont plant to prepare to produce the updated versions of the cars, a sedan and SUV with falcon doors. The company said production on Wednesday will resume in the first quarter and “will return to full capacity over time”.
“In the past few weeks, we have upgraded our Fremont plant to launch the new Model S and Model X. These changes include a new powertrain (battery modules, battery packs, drive units), a completely new interior, external upgrades and other improvements, “said the company in its latest earnings update released on Wednesday.
Deliveries of Tesla’s Models S and X declined in 2020 and totaled just 18,966 in the fourth quarter. Tesla does not divide vehicle sales by type of individual model.
Production of the two models fell 10% year on year, to 16,097 in the fourth quarter, according to the report.
Tesla Model S front interior
Tesla
The shares fell more than 3% in the trading period after the company reported fourth-quarter 2020 earnings. The company reported 80-cent earnings per share on $ 10.74 billion in revenue. Analysts had expected earnings per share of $ 1.03 over earnings of $ 10.4 billion.
The company also gave some production guidelines in the future, writing “In a span of several years, we expect to achieve an average annual growth of 50% in vehicle deliveries.” The company expects faster delivery growth than in 2021.
– CNBC’s Lora Kolodny contributed to this report.
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