The little red wagon from your childhood just got a major upgrade.
Radio Flyer, the company behind the iconic red wagon, is producing another cherry-red ride for children: the Tesla Model S.
The company partnered with Tesla to create the first kids' ride-on the runs on Flight Speed lithium ion batteries.
The little Tesla can cruise at speeds up to six miles per hour and features working headlights, a front-trunk, forward and reverse capabilities and a sound system.
The toy comes in three different colors -- red, blue and silver -- and customers can purchase accessories like license plates, parking signs and car covers online.
Radio Flyer's newest toy is slated to ship in May -- the company is currently accepting pre-orders -- and will retail for $499.
This story originally appeared on CNBC