Tesla quietly added a new 1,020-horsepower version of the Model X to its lineup — the $120,000 'Plaid' edition

Tesla Model X. Tesla

• Tesla added the Model X Plaid to its lineup on Wednesday. 
• The high-performance SUV delivers 1,020 horsepower and a 0-60-mph time of 2.5 seconds, Tesla says. 
• It costs $119,990, $30,000 more than the base-trim Model X Long Range. 
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Tesla quietly added a new high-performance version of the Model X SUV to its lineup on Wednesday. 

The new model, the Model X Plaid, comes with a tri-motor setup that puts out 1,020 horsepower, according to Tesla's website. It can hit a top speed of 163 mph and sprint to 60 mph in 2.5 seconds, Tesla claims. It will replace the performance version that was previously available, the company said. 

The electric vehicle maker estimates the Model X Plaid's range at 341 miles, 19 miles shy of the Long Range version's 360-mile range. It replaces the Model X Performance, which is no longer an option on Tesla's website. 

All that performance comes at a steep price of $119,990, a $30,000 premium over the Long Range Model X, which is the current base model. 

At Tesla's Battery Day presentation in September, CEO Elon Musk announced details of the Model S Plaid, a 1,100-horsepower version of the sedan that Tesla says will be capable of a 200-mph top speed and a 0-60-mph time under two seconds. 

Tesla reported its fourth-quarter and 2020 earnings on Wednesday, posting yet another profitable quarter and its first profitable year. The carmaker missed Wall Street's earnings expectations by roughly 20%, and shares of Tesla fell on the news. 

This story is developing...