Tesla's New Product Announcement Bumped To Wednesday
Tesla Motors Inc (NASDAQ: TSLA) said last Monday it would introduce a new product or service that was "unexpected by most" on Monday. However, the company's CEO tweeted a follow up over the weekend that the announcement will be delayed until Wednesday, as it needs a "few more days of refinement."
Shares of Tesla opened for trading last Monday at $201.35 and were range bound for all of last week between a weekly low of $196.30 (Friday) and high of $203.88 (Wednesday).
Tesla's stock closed on Friday at $196.51, down nearly 2 percent for the day.
Investors and traders aren't overly concerned with Musk's announcement of a product delay, as shares were trading higher by nearly 1 percent at $198.35 early Monday morning.
A second product announcement is also expected to be announced on October 28.
Trip Chowdhry of Global Equities Research said in a research report that his "best guess" is that Tesla will introduce an "all-solar roof" for its Model S and Model X vehicles, and the new features will be added to Tesla's lineup in 2018.
The analyst also suggested that Tesla is working on two variations of its Model 3 sedan — a car version and cross-over version.
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