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Tesla’s two Model S ‘Plaid’ variants are being benchmarked against each other

Red Tesla Model S P100D+ spotted at the Nurburgring with upgraded rear diffuser (Photo: Teslarati)

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True to its word, Tesla has returned to the Nürburgring with two “Plaid” Model S units. Both vehicles have been spotted running hot laps since they arrived at the iconic German racetrack, and if recent observations are any indication, it would seem that Tesla has actually brought two variants of its track-capable Model S for its Nürburgring comeback. What’s more, it seems that Tesla is benchmarking the performance of the two Plaid Model S against each other. 

Tesla’s Plaid Model S units in the Nürburgring could be differentiated by their color and rear badges. One is a blue unit with a Dual Motor badge, while the other is a red vehicle that’s marked P100D+. Recent reports and accounts from sources in the area suggest that these two vehicles do not have the same performance. While both are Plaid Model S prototypes, their track results suggest that they are somewhat different, perhaps along the same lines as Porsche’s Taycan Turbo and Turbo S variant. 

The differences between the two vehicles were hinted at last month during Tesla’s first excursion into the Nürburgring. Observing the two vehicles, a photographer from motoring publication Motor Authority mentioned that the blue Plaid Model S was able to complete a lap around the iconic German track in 7:40, a couple of seconds faster than the record set by the Porsche Taycan Turbo. 

The same photographer also recorded an impressive 7:23 lap with the red Model S Plaid unit, which is identical to a hand-timed lap reported by German media outlet Auto Motor und Sport. Quite interestingly, Tesla departed from its initial Nürburgring rounds after the red Model S Plaid unit seemingly broke down in the middle of a hot lap. 

These two vehicles returned to the Nürburgring this week. This time around, the Plaid Model S units sported a refreshed widebody kit that included side vents, and in the case of the blue unit, a massive rear diffuser reminiscent of the one used by Tesla in the next-generation Roadster. Images taken of the red Plaid Model S’ return to the nearly 13-mile closed circuit revealed that the vehicle was not equipped with a rear diffuser, though it had the same side vents and large rear spoiler with Gurney flap found in its blue sibling. 

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Interestingly, images recently acquired by Teslarati reveal that Tesla has installed the same large rear diffuser in its red Model S at the Nürburgring. The vehicle was brought over to the track at the back of the truck, and once on the road, it was clear that the additional aeros have been installed on the vehicle. A closeup picture of the track-capable flagship sedan further revealed that the red Model S Plaid was fitted with a front lip spoiler as well. 

With these images in mind, it appears that Tesla is currently testing how each Plaid Model S prototype performs on the Nürburgring with and without additional aeros. This suggests that Tesla is likely benchmarking the two Model S Plaid units against each other, potentially as a way to refine and tune each vehicle’s performance for closed circuit driving. These efforts ultimately bode well for Tesla’s upcoming Plaid versions for the Model S and Model X, as the electric car maker appears to be leaving no stone unturned in its efforts to develop a flagship vehicle that can attack one of the racing world’s most notorious tracks with no hesitation. 

Elon Musk has mentioned a few details about Tesla’s upcoming Plaid Model S. For one, the vehicle will have three motors, similar to the next-generation Roadster, which is equipped with one electric motor at the front and two at the rear. Musk also stated in a recent tweet that the production Plaid Model S, which will reflect the final iteration of the car that will set Tesla’s official Nürburgring record, is set to enter its manufacturing stage sometime in Summer 2020. Pricing for the Tesla Model S Plaid variants have not been revealed by Tesla, though Elon Musk has mentioned that the vehicles will be priced higher than the current top-tier Raven Model S Performance with Ludicrous Mode. 

Red Tesla Model S P100D+ spotted at the Nurburgring with rear diffuser (Photo: Teslarati)

 

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Investor's Corner

Tesla wins $508 price target from Stifel as Robotaxi rollout gains speed

The firm cited meaningful progress in Tesla’s robotaxi roadmap, ongoing Full Self-Driving enhancements, and the company’s long-term growth initiatives.

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Credit: Joe Tegtmeyer/X

Tesla received another round of bullish analyst updates this week, led by Stifel, raising its price target to $508 from $483 while reaffirming a “Buy” rating. The firm cited meaningful progress in Tesla’s robotaxi roadmap, ongoing Full Self-Driving enhancements, and the company’s long-term growth initiatives. 

Robotaxi rollout, FSD updates, and new affordable cars

Stifel expects Tesla’s robotaxi fleet to expand into 8–10 major metropolitan areas by the end of 2025, including Austin, where early deployments without safety drivers are targeted before year-end. Additional markets under evaluation include Nevada, Florida, and Arizona, as noted in an Investing.com report. The firm also highlighted strong early performance for FSD Version 14, with upcoming releases adding new “reasoning capabilities” designed to improve complex decision-making using full 360-degree vision.

Tesla has also taken steps to offset the loss of U.S. EV tax credits by launching the Model Y Standard and Model 3 Standard at $39,990 and $36,990, Stifel noted. Both vehicles deliver more than 300 miles of range and are positioned to sustain demand despite shifting incentives. Stifel raised its EBITDA forecasts to $14.9 billion for 2025 and $19.5 billion for 2026, assigning partial valuation weightings to Tesla’s FSD, robotaxi, and Optimus initiatives.

TD Cowen also places an optimistic price target

TD Cowen reiterated its Buy rating with a $509 price target after a research tour of Giga Texas, citing production scale and operational execution as key strengths. The firm posted its optimistic price target following a recent Mobility Bus tour in Austin. The tour included a visit to Giga Texas, which offered fresh insights into the company’s operations and prospects. 

Additional analyst movements include Truist Securities maintaining its Hold rating following shareholder approval of Elon Musk’s compensation plan, viewing the vote as reducing leadership uncertainty.

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@teslarati Tesla Full Self-Driving yields for pedestrians while human drivers do not…the future is here! #tesla #teslafsd #fullselfdriving ♬ 2 Little 2 Late – Levi & Mario
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Tesla CEO Elon Musk teases autobiography following fallout with Isaacson

“I need to tell my story myself and highlight lessons that I learned along the way that would be useful to others.”

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Credit: xAI

Tesla CEO Elon Musk teased the potential for an autobiography following his fallout with author Walter Isaacson, who wrote a book on the serial entrepreneur in the past.

Isaacson met with C-SPAN’s American’s Book Club on November 13, and went into detail as to why he disagreed with Musk’s place in politics, especially with how he handled Department of Government Efficiency (DOGE):

“It’s a shame because had he gone into government and focused on what he’s good at…He could have changed the government for good, but instead…he started, you know, let’s get rid of this part of USAID and firing people.”

It’s sort of a shame to see Isaacson cast stones in the direction of Musk, whom he spent a significant amount of time with, aiming to put forth an accurate and realistic depiction of perhaps the greatest entrepreneur in the modern era.

However, Musk did not come back at Isaacson. Instead, he highlighted the need for what could potentially be his autobiography, aiming to “highlight lessons that [he] learned along the way that would be useful to others.”

Musk’s time in government was met with harsh criticisms from many, but there was a lot of support for the work that he did during his time with DOGE as well. Eventually, Musk’s responsibilities with DOGE started to wind down, and he pledged to step back from government to focus on his companies.

A Musk-written biography would potentially be a great book for those who are interested in his story, but also those who plan to enter entrepreneurism, tech, or the sciences, as there truly could be some excellent lessons within.

However, Musk’s recently approved compensation package and the tranches that could pay him $1 trillion in shares will likely take up most of his time. Tesla also has a lofty goal of launching Robotaxi and expanding the ride-hailing service to other areas of the country in the coming months.

@teslarati With a pedestrian in the crosswalk, Tesla Full Self-Driving shows off its courtesy. Human drivers? Not so much. #tesla #teslafsd #fullselfdriving ♬ AMERICAN HEART – Maxwell Luke

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Investor's Corner

Tesla receives major institutional boost with Nomura’s rising stake

The move makes Tesla Nomura’s 10th-largest holding at about 1% of its entire portfolio.

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Credit: Tesla China

Tesla (NASDAQ:TSLA) has gained fresh institutional support, with Nomura Asset Management expanding its position in the automaker. 

Nomura boosted its Tesla holdings by 4.2%, adding 47,674 shares and bringing its total position to more than 1.17 million shares valued at roughly $373.6 million. The move makes Tesla Nomura’s 10th-largest holding at about 1% of its entire portfolio.

Institutional investors and TSLA

Nomura’s filing was released alongside several other fund updates. Brighton Jones LLC boosted its holdings by 11.8%, as noted in a MarketBeat report, and Revolve Wealth Partners lifted its TSLA position by 21.2%. Bison Wealth increased its Tesla stake by 52.2%, AMG National Trust Bank increased its position in shares of Tesla by 11.8%, and FAS Wealth Partners increased its TSLA holdings by 22.1%. About 66% of all outstanding Tesla shares are now owned by institutional investors.

The buying comes shortly after Tesla reported better-than-expected quarterly earnings, posting $0.50 per share compared with the $0.48 consensus. Revenue reached $28.10 billion, topping Wall Street’s $24.98 billion estimate. Despite the earnings beat, Tesla continues to trade at a steep premium relative to peers, with a market cap hovering around $1.34 trillion and a price-to-earnings ratio near 270.

Recent insider sales

Some Tesla insiders have sold stock as of late. CFO Vaibhav Taneja sold 2,606 shares in early September for just over $918,000, reducing his personal stake by about 21%. Director James R. Murdoch executed a far larger sale, offloading 120,000 shares for roughly $42 million and trimming his holdings by nearly 15%. Over the past three months, Tesla insiders have collectively sold 202,606 shares valued at approximately $75.6 million, as per SEC disclosures.

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Tesla is currently entering its next phase of growth, and if it is successful, it could very well become the world’s most valuable company as a result. The company has several high-profile projects expected to be rolled out in the coming years, including Optimus, the humanoid robot, and the Cybercab, an autonomous two-seater with the potential to change the face of roads across the globe.

@teslarati Tesla Full Self-Driving yields for pedestrians while human drivers do not…the future is here! #tesla #teslafsd #fullselfdriving ♬ 2 Little 2 Late – Levi & Mario
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