CEO Elon Musk of Tesla Motors Inc (NASDAQ:TSLA) announced today that the company will unveil a new product that most people aren’t expecting on October 17th.
Musk made the cryptic announcement via Twitter, noting that the new product won’t have anything to do with the SolarCity merger, which isn’t slated until later this month:
Tesla product unveiling on the 17th (unexpected by most), followed by Tesla/SolarCity on the 28th
— Elon Musk (@elonmusk) October 9, 2016
Investors are speculating on what the product could be, and here are a handful of possibilities:
At its October 28 event, Tesla will unveil its SolarCity tie-ins, which are rumored to include a solar roof, the Tesla Powerwall energy storage solution, and a Tesla EV charger.
Tesla stock has underperformed the wider markets by a large margin this year, hurt by a perceived growth slowdown and skepticism over its merger with SolarCity. Goldman Sachs even downgraded the stock recently, citing “management’s deployment of capital for mergers and acquisitions (M&A), and further believe that any delay in the company’s timeline to launch its new Model 3 will be detrimental to shares.”
Tesla shares rose $4.89 (+2.49%) to $201.50 in premarket trading Monday. Year-to-date, TSLA has fallen 18.08%.