Both are forged UP wheels for the 2021+ Model S and Model X on a 5×120 pattern, so the split is mostly design and available specs. The UP-02 is a lightweight street-and-track wheel offered from 19 to 22 inches, while the UP-04 adds dedicated widebody-spec sizes for cars with the extra fender room. If you run a widebody, compare the UP-04 sizing before deciding.
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