Here's the copy from the official press release. Street price will be about $319:

The innovative, award-winning Summit is now available in 1/16 scale, with multi-terrain versatility, extreme brushless power, and aggressive off-road styling that could only come from Traxxas. The 1/16 Summit VXL’s just-right size lets you enjoy rock-roosting fun anywhere, anytime. Summit VXL brings big fun into small places without sacrificing speed or precision. New, extreme-duty driveshafts transfer high-torque VXL brushless horsepower to the wheels for speeds over 25mph right out of the box with the
included Power Cell battery. Experience 40+mph when you install an optional second battery and Traxxas Speed Connector! Canyon AT™ tires on beadlock-style Geode™ wheels combine with the ExoCage body for a rugged look that’s backed up by Summit VXL’s exciting all-terrain performance.

Extreme Velineon Brushless Power & Waterproof Electronics
The 1/16 Summit’s high-power Velineon® 380 brushless motor is the largest in its class and uses high-strength Neodymium magnets, a sintered rotor, and high-rpm ball bearings for lasting performance. The VXL 3m speed control features the latest low-resistance/ high-current FETs and Traxxas’ exclusive High-Current Connector for ultra-efficient power flow. Built-in Low Voltage Detection makes the Velineon VXL-3m ready for 2S and 3S LiPo packs. Fully waterproof electronics are a Traxxas exclusive that opens the door to fun in mud, snow, and other wet conditions that send other trucks back to the bench. Down the trail, on the track, or right in your backyard, 1/16 Summit VXL is the fast and fun go-anywhere truck that does it all. It’s just what you expect from Traxxas, The Fastest Name In Radio Control.

1/16 Summit VXL Features:
• Fully assembled and Ready-To-Race®
• 25+mph with included battery
• 40+mph* with dual batteries!
• 2.2” Geode Wheels and Canyon AT Tires
• Full-time 4WD
• Super Duty Dual-CV Telescoping Driveshafts
• Long-Travel Rockers
• Powerful Velineon 380 brushless motor
• Velineon VXL-3m waterproof electronic speed control
• Accepts 6-cell flat NiMH and 2- or 3-cell LiPo packs
• LiPo and NiMH compatible with two-stage low-voltage detection
• Includes Traxxas Power Cell battery pack and charger
• Includes optional pinion gear for 40+mph operation*
• Traxxas High-Current Connectors
• High-torque waterproof steering servo
• Ball-bearing transmission
• Sealed, silicone-filled differentials
• Adjustable Torque-Control™ slipper clutch
• Precision high-quality hex hardware throughout
• Efficient rubber-sealed ball bearings
• Fully adjustable, oil-filled GTR Shocks™
• TQ 2.4GHz High Output 2-channel radio system with Traxxas Link
*40+mph using second Traxxas Power Cell battery pack and series adapter (both sold separately).