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Tesla featured a major redesign of its electric sedan, the Model S, in its fourth quarter 2020 earnings report on Wednesday.
The company shared photos of its new interior and exterior of the car which is expected to launch later this year. It also showcased its “Plaid” offering, a three-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 Plaid version starts at $ 119,990.
CEO Elon Musk said on a earnings call on Wednesday that Model S Plaid was in production and would ship from February.
“This is really a huge improvement over the previous version,” added Musk.
At the end of 2020, Tesla shut down 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 an SUV with hinged doors. The company said on Wednesday that production would resume in the first quarter and “return to full capacity over time.”
“Over the past few weeks, we’ve 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 whole new interior , exterior updates and other improvements, ”the company said in its latest earnings update released on Wednesday.
Tesla’s Model S and X shipments fell in 2020 and amounted to just 18,966 in the fourth quarter. Tesla does not break down vehicle sales by individual model type.
Production of both models fell 10% year-over-year to 16,097 in the fourth quarter, according to the report.
Front interior of the Tesla Model S
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Shares fell more than 3% in extended trading after the company reported its fourth quarter 2020 results. The company reported earnings per share of 80 cents on revenue of $ 10.74 billion . Analysts expected EPS of $ 1.03 on revenue of $ 10.4 billion.
The company also gave production advice for the future, writing “Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries.” The company expects shipments to grow faster than in 2021.
– CNBC’s Lora Kolodny contributed to this report.
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