Tesla Motors (NASDAQ: TSLA) Chief Executive Officer Elon Musk announced on Twitter that Tesla is officially canceling its Model S Plaid+, stating that there was no need for it as the normal Plaid Model is good enough. On the Tesla Model S order page, the starting availability for the Plaid+ was listed at around mid-2022. The EV giant stock price dipped down 2% to an intraday low of USD 582.88 from an open price of USD 591.82 during this early afternoon trading.
The Model S Plaid+ featured 1100 horsepower, 520 miles of range on a full charge, 0 to 60 mph acceleration in under 1.99 seconds, and nearly a USD 150,000 price tag. To compare with that to the original Model S Plaid model, the Model S Plaid features a 1020 horsepower, 390 miles of range on a full charge, 0 to 60 mph acceleration in 1.99 seconds, and nearly a USD 120,000 price tag.
Additionally, there was a price hike for Model 3 and Model Y cars in early May. A May 31st tweet by Musk stated that those price hikes are due to “major supply chain price pressure industry-wide. Raw materials especially.” Aside from the normal Plaid Model being “just so good” to buyers, Tesla is facing a battery and semiconductor shortage. Investors are unsure if these battery and semiconductor shortages could be a reason why the Model S Plaid+ was canceled.