Elon Musk is aiming to breathe new life into Tesla Inc.’s high-end sedan that helped establish the company as the world’s leading electric-vehicle maker.

The redesign of the Model S is the latest sign that Tesla has evolved from a sprightly startup challenging incumbents with new vehicles, to an established manufacturer that also has to upgrade legacy models to keep potential buyers interested.

The Silicon Valley company late Thursday marked the delivery of a souped-up version of its luxury sedan. Mr. Musk, Tesla’s chief executive, has billed it as the quickest production car on the market. The vehicle, dubbed Model S Plaid, can accelerate from zero to 60 miles an hour in less than two seconds, Tesla says on its website, and is priced starting around $130,000.

“There is something that’s quite important to the future of sustainable energy, which is that we’ve got to show that an electric car is the best car, hands down,” Mr. Musk said at Thursday’s event, where he drove one of the vehicles on stage.

The revamp comes nearly a decade after Tesla launched the car, which became one of the world’s first widely sold battery-powered vehicles. But sales have slumped in recent years as the company has focused on developing more-affordable vehicles.