Tesla Model S update shown in Q4 2020 earnings release

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Tesla on Wednesday showed off a major redesign to its electric sedan, the Model S, in its 2020 fourth quarter earnings report.

The company shared pictures of its new interior and exterior of the car that’s set to launch later this year. It also introduced its “Plaid” offering, a tri-motor powertrain that would allow the car to go from zero to 60 miles per hour in under 2 seconds.

CEO Elon Musk said in September at the company’s Battery Day that the Plaid Model S would arrive in late 2021. At end of 2020 Tesla shut down S/X production lines in the Fremont, California plant to get ready to produce the updated versions of the cars, a sedan and SUV with falcon wing doors, respectively. The company said Wednesday production will resume in Q1 and “ramp back to full capacity over time.”

The new Model S starts at $79,990. Its Plaid version starts at $119,990.

Tesla Model S front interior

Tesla

Shares dropped more than 3% in extended trading after the company reported Q4 2020 earnings. 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 some production guidance going forward, writing “Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries.” The company expects faster delivery growth than that for 2021.

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