Model S Plaid presentation

Tesla went live on Thursday, demonstrating the long-awaited version of its ten-year-old Model S sedan, the Plaid. Elon Musk said the Model S Plaid is "faster than a Porsche and safer than a Volvo".

Tesla (TSLA) CEO Elon Musk announced the Model S Plaid as "the world's first fastest production car", which accelerates to 100 km/h in less than 2 seconds thanks to a three-engine 1,020 horsepower engine and special wheels and tyres.

The Model S Plaid has a range of 390 mpg on a full charge, taking just 15 minutes at the Tesla SuperCharger station.

The price of the new version starts at $130k in the US, compared to $80k for the 2021 Model S with extended range. Prices for all versions of the Model S and Model X have recently risen, which the company attributed to higher prices for scarce chips.

Ford (F), General Motors (GM), Mercedes Benz, Porsche and others are strengthening their position in the electric car market by accelerating their transition from production cars to internal combustion engines.

Model S Plaid interior

The interior of the Model S Plaid is:

• Keyless access has been complemented by the absence of a 'start' button, to move from a seat the driver presses the accelerator pedal immediately.
• Tesla has upgraded the audio system to home theatre level.
• The traditional steering wheel has been changed to an 'aeroplane pilot' steering wheel.
• An 8-inch display has been added for rear seat passengers.
• The Model S Plaid on-board computers allow modern gaming consoles, like the PlayStation 5, to be used to play video games on two displays.

Tesla plans to make its cars self-driving in the future, allowing drivers to use the on-board computers for entertainment.

Elon Musk said on Sunday that Tesla has abandoned plans to produce the Plaid Plus version, that the Plaid version is "very good". Tesla expects to reach a production rate of 1,000 Model S Plaid units per week in the third quarter.

Reporting financial quarterly figures in April, Elon Musk said he expects to start deliveries of the revamped Model X in the third quarter.

Tesla shares, down 13.54% since the start of 2021, were up 1.9% on Thursday ahead of the presentation.