The S is simply too expensive. People in the market for $100K+ sedans/coupes are gonna perceive more curb appeal from a Mercedes, Audi, BMW or Porsche.

Tesla crashed the allure of its brand by lowering the price point of the Y and 3. The X and S aren’t different enough to attract $100K+ purchasers.

(It’s one reason why Toyota and other brands use different marks like Lexus for their high end offerings).