Tesla Motors said during its third-quarter earnings call on *blank that the company has plans underway to discontinue the Model S P85+ version of its luxury electric sedan.

The Model S P85+ version of the Model S was at one point the top-ranking luxury electric sedan in the automaker's ranges for price, as well as battery mileage.

Company CEO Elon Musk said that the decision to discontinue the Model S P85+ was made to basically help increase efficiency at the automaker's Fremont plant.

"This helps us streamline the manufacturing and supply chain logistics and enables us to better ramp production," said Tesla CEO Elon Musk in regard to the move,

A scheduled production pause to revamp the factory took longer than expected, which affected the production rate. This caused the electric vehicle automaker to amend its annual production target to 33,000 from 35,000.

That leaves the single-engine versions of the Model 60 and 85 and the dual-engine versions, the Model S 85D and the P85D, once the Model S P85+ is discontinued.

The Model S P85D recently achieved the exclusive distinction of being named the fastest-accelerating sedan in the world.

Tesla is banking on the fact that anyone who was willing to spend $100,000 for a sedan will spend an extra $4,000 to get an all-wheel-drive version that is capable of reaching 0 to 60 mph in just 3.1 seconds.

The green and brown color options available with the P85+ are also being discontinued as well,

The Tesla CEO also announced this week that he has partnered with former Google executive Greg Wyler, a veteran of the satellite industry.

The duo are hoping to launch around 700 satellites, each weighing around 250 pounds, according to The Wall-Street Journal.

The project will cost about $1 billion, and if they are successful in making each satellite weigh 250 pounds, they will be about half the size of the smallest ones currently used.

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