Tesla (TSLA) Pulls the Plug on Model S Plaid Plus, Plaid on Course

Tesla TSLA CEO Elon Musk recently took to Twitter to announce that the company has decided to cancel the production of the promised Model S Plaid Plus.

The company is still on course with the Plaid version of the car. According to Musk, Plaid Plus, the most expensive variant of its flagship sedan, is not needed as the Model S Plaid is adequate.

Since September 2019, the U.S.-based electric vehicle (EV) behemoth had been teasing the release of the revamped electric sedan.

The Tesla Model S Plaid has been flaunted as having three high-performance electric motors, accelerating the car from zero-to-60 mph in under two seconds, while reaching a top speed of 200-mph. Plaid claims to have a range between 390 and 412 miles, with 1,020 horsepower.

The upgraded version — Model S Plaid Plus — with an even quicker pick-up and enhanced performance was due to hit the market by mid-2022. Plaid Plus had promised fans 1,100 horsepower, 520 miles of range on a fully-charged battery, and acceleration from 0 to 60 mph in less than two seconds.

The prices for the Model S Plaid Plus was set to be $30,000 more expensive than the standard Plaid version, costing just under $150,000.

Reportedly, the option to order the Model S Plaid Plus variant was removed from Tesla’s website during the last week of May. Now, Musk’s latest tweet confirms that the Plaid Plus model has been altogether cancelled.

Earlier this month, Tesla had announced a special delivery event for Model S Plaid to be held on Jun 3 at its Fremont, CA factory. However, last week Musk confirmed on Twitter that the deliveries for Model S Plaid would be delayed until Jun 10 as the model needed another week of modification.

This is not the first incident where the company has failed to meet the promised deadline.  This January, Tesla had unveiled an upgraded version of the Model S and Model X, which included a new powertrain, a revamped interior and an updated exterior design to the automaker’s two flagship EVs. The red hot EV maker had promised the first deliveries of the updated vehicles in February. Unfortunately, it again fell short of its words, and produced none of the higher-priced Model S or Model X vehicles during the first quarter of 2021.

Like other auto biggies, including General Motors GM, Volkswagen VWAGY and Ford F, Tesla has been battling supply-chain issues, especially the global deficit of semiconductors. Musk blamed the supply-chain challenges as the reason behind the delay in the deliveries of the refreshed versions of Model S and Model X SUVs. Per Musk, the delay also had to do with making sure that the new battery pack in the updated Model S was safe.

Meanwhile, Tesla has also issued three separate voluntary recalls in the United States in the past week over production issues that can cause potential safety problems.

Tesla currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Notably, share of the company soared 218.5% over the past year compared with its industry’s rally of 134.1%.

Zacks Investment ResearchImage Source: Zacks Investment Research

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