Tesla Motors Inc (NASDAQ:TSLA) will not be unveiling the ‘unexpected’ product this Monday according to a tweet from the company’s Chief executive officer Elon Musk. According to the executive, the product needs a few days of refinement ahead of a possible unveiling on Wednesday.
‘Unexpected’ Product Speculation
“Moving the Tesla announcement to Wednesday. Needs a few more days of refinement,” wrote Mr. Musk in a tweet.
While it is still unclear what the company might be planning to unveil, this has not stopped people from speculating what could be in the offering this time around. Recode reports that the EV giant plans to unveil a new set of its energy storage devices, Powerwall and Powerpack.
There is also a possibility that the company could unveil Autopilot 2.0, an upgrade of the current autonomous driving system.
Tesla-SolarCity Merger Talk
Tesla could also announce a new product in partnership with SolarCity as it looks to give shareholders a reason to approve the impending $2.6 billion merger. Market reaction to the proposed merger has so far been negative with skeptics arguing that the deal is a poor use of the company’s finances.
The tech giant pushing back on the unveiling of the unexpected product follows the signing of an agreement with Panasonic for the development of Photovoltaic cells and modules. Under the agreed terms, the EV giant is to buy PV cells and modules from the Japanese company to be used in energy systems that work with Powerwall and Powerpack.
A joint statement from the two companies states that Panasonic is to begin production in Buffalo New York in a bid to meet the EV giant requirements as from 2017. However, Tesla partnership with Panasonic is to come into effect only on shareholders approving the proposed takeover of SolarCity Corp (NASDAQ:SCTY).
Tesla Motors Inc (NASDAQ:TSLA) stock closed Friday’s trading session on the red having shed 1.86% in market value to close the week on a low of $196.51 a share.