Was thinking the same thing. Those rear seats tell the whole story, IMO. Those cutouts to allow them to recline substantially cut into the trunk. It's hard to tell scale, but with the chopped-off rear, it looks like the trunk is already quite small. I suspect they're aiming more at the executive sedan class. There's some overlap, I'm sure, but that's not a segment for which the Model S is well-suited (see the quickly-cancelled executive seating option).