Typically OEMs release several models during a console's lifespan, with Microsoft, Sony and Nintendo all doing so for their current consoles. However, the latest rumor is that Sony will launch the PlayStation 5 and PlayStation 5 Pro on day one, apparently to address interest for a high-end model. The rumor stems from Japanese journalist Zenji Nishikawa who has form for being correct about the Nintendo Switch Lite, so perhaps this one has legs too.
https://www.notebookcheck.net/Sony-rumored-to-release-the-PlayStation-5-and-PlayStation-5-Pro-simultaneously.435099.0.html