Tesla on Wednesday confirmed off a significant redesign to its electrical sedan, the Mannequin S, in its 2020 fourth quarter earnings report.

The corporate shared photos of its new inside and exterior of the automotive that is set to launch later this 12 months. It additionally launched its “Plaid” providing, a tri-motor powertrain that might permit the automotive to go from zero to 60 miles per hour in beneath 2 seconds. The brand new Mannequin S begins at $79,990. Its Plaid model begins at $119,990.

CEO Elon Musk mentioned in September on the firm’s Battery Day that the Plaid Mannequin S would arrive in late 2021. At finish of 2020 Tesla shut down manufacturing traces for the Mannequin S and Mannequin X in its Fremont plant to prepare to provide the up to date variations of the automobiles, a sedan and SUV with falcon wing doorways. The corporate mentioned Wednesday manufacturing will resume in Q1 and “ramp again to full capability over time.”

“Over the previous few weeks, we’ve been upgrading our Fremont manufacturing unit to launch the brand new Mannequin S and Mannequin X. These modifications embrace a brand new powertrain (battery modules, battery packs, drive models), a completely new inside, exterior updates and different enhancements,” the corporate mentioned in its newest earnings replace launched Wednesday.

Deliveries of Tesla’s Mannequin S and X declined in 2020, and amounted to only 18,966 within the fourth quarter. Tesla doesn’t escape automobile gross sales by particular person model-type.

Manufacturing of the 2 fashions dropped 10% 12 months over 12 months to 16,097 within the fourth quarter, in response to the report.

Shares dropped greater than 3% in prolonged buying and selling after the corporate reported Q4 2020 earnings. The corporate reported earnings per share of 80 cents on income of $10.74 billion. Analysts anticipated EPS of $1.03 on income of $10.4 billion.

The corporate additionally gave some manufacturing steerage going ahead, writing “Over a multi-year horizon, we anticipate to realize 50% common annual development in automobile deliveries.” The corporate expects quicker supply development than that for 2021.

— CNBC’s Lora Kolodny contributed to this report.

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