Elon Musk Delays Tesla Motors (TSLA) ‘Surprise’ By Two Days

Tesla Model 3 (TSLA)

Tesla Motors Inc CEO Elon Musk has postponed the unveiling of an “unexpected product” by two days. Musk says the product needed a few more days of refinement. Well, that makes us more eager to know more about the product. Musk tweeted on October 9 that they would unveil an ‘unexpected’ product on Oct. 17.

The “unexpected product” – still a mystery

Apparently, the product which had to be unveiled on Monday is not quite ready, so the automaker has made a change in its plans. In a tweet, Musk wrote, “Moving the Tesla announcement to Wednesday. Needs a few more days of refinement.”

Elon Musk SolarCity Inc (SCTY) Tesla Motors Inc (TSLA)

We still do not know what the product is, and what refinement is Musk talking about. As per Recode, Musk might be planning to release a new version of the Powerpack and Powerwall, which are Tesla’s at-home energy storage devices. Musk did promise to do so by the end of 2017. Also, Recode noted that another thing possible is that Musk would release Autopilot 2.0 – an updated version of the semi-autonomous driving system of the automaker.

Tesla and Panasonic to make modules and cells in Buffalo

Panasonic and Tesla Motors Inc announced on Sunday to collaborate on the production of photovoltaic (PV) modules and cells in Buffalo, New York. However, the partnership agreement will only continue, if the shareholders of both Tesla and SolarCity agree to the takeover of the solar company.  Tesla will undertake, as per the terms of the deal, to make long-term purchases of photovoltaic (PV) modules and cells from the Japanese company. It will use those cells and modules in a solar energy system that works seamlessly with the Powerpack and Powerwall.

As per a joint statement from the two, the Japanese firm will begin manufacturing in Buffalo from 2017. In late June, the electric car making giant offered to buy the solar installer, but the deal has been censured by skeptics for a number of reasons, like distraction for Tesla executives, poor use of Tesla’s cash, etc.

However, Musk – also the Chairman of SolarCity – has insisted that business with the solar company would complement Tesla’s stationary storage products, such as Powerpack and Powerwall. Musk asserts that this takeover would assist the automaker in providing a fully integrated, sustainable energy system.

Mystery product to show Tesla/SolarCity synergy?

The shareholders of Tesla Motors Inc and SolarCity do not vote on the proposed $2.6 billion merger until October 27. However, SolarCity’s chairman could go against the wishes of some investors, and could announce a product with the clean-energy company even before gaining the approval of shareholders. Wednesday is not that far, but we cannot wait to know what the automaker has in its mind.

In pre-market trading, Tesla shares were up about 1%. Year to date, the stock is down over 17% while in the last one-year, they are down over 13%.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.


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