How about a 120 kWh Model S and Model X and 400 miles (640 km) of range?

As our recent attention was mostly focused on the Model 3 and Model Y, there are reasons to expect an upcoming significant upgrade to the Model S and Model X cars.

Sean Mitchell, in one of his recent videos, said even that the upgrade could be imminent and here is why.

Battery options - First of all is that Tesla switched its Model S/X offer to just a single battery version (around 100 kWh), which could mean that the company is working on a new battery version (higher than 100 kWh) that will be introduced. Tesla usually offered more than one battery option.

Change of names - One of the minor indications of upcoming changes could be the change of names of the particular versions, which no longer includes a brief number connected battery capacity (kWh). There are only Long Range and Performance names.

Supercharging V3 - The Model S/X so far didn't get the upgrade of Supercharging power to 250 kW, which would place the top of the line Teslas below the Model 3 (and the latest competitors from other brands).

The new battery packs/charging system maybe will require a redesign to handle much higher power.

New battery cells - Model S/Model X are equipped with 18650 lithium-ion battery cells produced in Japan, while the Model 3 is equipped with the bigger 21700 (2170) cells produced in Nevada. While the chemistry in both cases could be up-to-date, there is a chance that with new batteries (optimized form factor for EVs) Tesla will also be able to increase the capacity/range a little bit.

Market position - Model S/X besides ongoing upgrades might need a more significant upgrade to keep the sales at 100,000 per year at 25% gross margin.

From the video description: