Electric car manufacturer Tesla unveiled a faster, all-wheel drive version of the Model S at an event in California on Thursday.
Speaking at the Hawthorne Municipal Airport just outside Los Angeles, Tesla CEO Elon Musk revealed that the Model S P85D - referred to by Musk simply as "the D" - will be able to accelerate to 60 miles per hour in just 3.2 seconds.
The new version of the Model S will also have an increased range compared to the rear-wheeled drive vehicle, allowing it to travel up to 275 miles on a single charge.
Additional features include the ability to self-park, assisted driving and a camera system that reads speed-limit signs and adjusts the speed of the car accordingly.
Since Musk tweeted on 1 October that it was "about time to unveil the D and something else", the company's market value surged by around $2bn (£1.2bn, €1.6bn).
Some market analysts have claimed that Tesla's stock is over-valued, considering the slim market share that Tesla holds compared to other car makers.
However Musk believes that the 70% rise in share price since January is due to forward-looking investors.
"Our market cap is 10 times what our revenue was last year," Musk said. "So clearly the market cap is driven by future expectations."
Speculation surrounding the announcement had included driverless technology or even an entirely new car to sit alongside the Model S.
Tesla is also working on a Model 3, which Musk has said will be unveiled in 2016 ahead of a launch the following year.