Tesla Motors Inc (NASDAQ:TSLA) To Launch New Product On October 17

Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk has announced that his company is planning to unveil a new product on October 17.

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The Tesla CEO made the announcment through a social media post on Twitter. The tweet did not reveal what the product will be but it stated that there would be a new product launch on October 17. The company is also expected to unveil its solar roof, meaning October will be a busy month as far as Tesla product launches are concerned. Elon Musk stated that the upcoming product is unexpected.

The Tweet did not go into details but there has since been a lot of speculation regarding what the company is planning to unveil. Most of the speculation suggests that the company is planning to unveil Autopilot 2.0 which also features a hardware upgrade. Such an upgrade is expected to allow the Autopilot feature to interpret traffic signals and read stop signs.

There is also speculation that Tesla will be unveiling the Model Y, a compact SUV that will follow after the Model 3. Engineers at Tesla have been working on an SUV and the company is expected to cover the segment of rival companies such as Mercedes which already have their SUV designs. The other suggested product is a Powerwall that will complement the roofing product to be launched a few days later. Despite the speculation, it is still not clear what the company will unveil.

“We’ve got our next generation technology and we are trying to get up that production line so it’s gonna be heavily concentrated in Q4 and primarily in November and December. I think it’s going to be really exciting when people see it. That’s why I expect exponential growth from there. I think it’s really going to go ballistic,” stated Musk during Tesla’s second-quarter earnings.

Tesla stock closed the latest trading session at $196.61, down by $4.39 or 2.18 compared to the value of the stock during the previous close.

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