Tesla Motors Inc (NASDAQ:TSLA) To Launch Updated Model S With Steeper Price Tag

Tesla Motors Inc (NASDAQ:TSLA) To Launch Updated Model S With Steeper Price Tag

Tesla Motors Inc (NASDAQ:TSLA) has revealed that it has plans to introduce an upgraded version of its Tesla Model S which will have slight upgrades especially on the front as well as a higher price tag.

The reveal follows the recent launch of the Tesla Model 3 Sedan. According to the release, the updates to the new Model S will feature both interior and exterior changes. The latter will include making the front look of the vehicle appear more like that of the Model X SUV and the Model 3, and it will also include new LED headlamps. Tesla is expected to launch the updated Model S through an official public announcement over the next few days or weeks.

The rumors of the new Model S have also been flying around for a week after spy images of what seemed to be a different looking Model S at the company’s factory in Fremont. Sources claim that the interior of the vehicle will feature ventilated front seats just like those of the model X and additional storage bins and door pockets.

A statement released by the company confirmed that there would be price changes in April, but there were no comments about changes in the design of the vehicle. Changes in the Model S would be advantageous for the firm because of a few reasons. A different look might event attract back some of the owners of the earlier models because it will be more updated and will be a bigger offering than its predecessor.

A new luxurious and more expensive Model 3 S will also help the firm to maintain a sense of exclusivity against the most affordable offerings from the company. The presence of more electric vehicles in the automotive industry means that EV is no longer a niche market. Tesla’s technology and its EV lineup have become direct competitors to the automotive firms making vehicles that are powered by internal combustion.  Its premium segment also competes with luxury vehicles from other companies.