Tesla Motors posted a big announcement on its blog today, revealing the Model S 70D, which features all-wheel drive, dual motors and a range of 250 miles when traveling at 65 miles per hour. Shares of Tesla Motors edged upward by as much as 3.02% to $209.38 per share after the announcement.

Tesla Motors Inc Stock Up After Model S Upgrade To 70D

Details on Tesla’s Model S 70D

The Model S 70D has a 70 kWh battery and can accelerate from zero to 60 miles per hour in 5.2 seconds. After gas savings and incentives, the luxury sedan starts out at $57,500. Without those sneaky additions factored into the price, the Model S 70D actually starts out at $75,000.

The car’s rear and front motors operate independently, and it also sports autopilot hardware in addition to blind spot detection, navigation and other features. The car will receive free software updates over the air, just as all Model S sedans do. Tesla also added three new colors to its lineup: Obsidian Black, Ocean Blue and Warm Silver.

Tesla has replaced the lowest-end 60 kWh Model S with the 70D model. This is especially good news because it will give the automaker’s average selling price a boost. The previous base model started out at $71,070.

How the new Model S stacks up to competitors

What’s particularly interesting about Tesla’s new Model S is the price point. Jason Cammisa of Road and Track points out that the new all-electric sedan is just as powerful as the Porsche 911 Turbo. However, it costs about half the price of the Porsche while offering horsepower that’s only six lower than that of the Porsche.

Tesla management expects the Model S 70D version to go up head to head with the i5 Series from BMW and the E Series cars made by Mercedes Benz. Aston Martin also announced recently that it is building an electric car to compete with Tesla’s Model S.

The release of the 70D demonstrates how management is continually looking for ways to upgrade Tesla’s car. The automaker recently announced that it had beaten its guidance for deliveries during the fourth quarter. Management is undoubtedly hoping that the new car will boost Tesla’s earnings results and keep them strong going into the launch of the Model X later this year.