Investors and fanatics of Tesla Motors (TSLA) - Get Report were excited heading into this past weekend, because they were told by CEO Elon Musk that a new product was set to be revealed on Monday, Oct. 17th.
But here we are and still no product.
That's because on Sunday night, Musk said he is now shooting for Wednesday, as it "needs a few more days of refinement." It's no surprise that the stock is selling off on the day, as investors are disappointed in hearing no new plans.
Tesla's delay has even become a Twitter Moment.
So what is the new product? Given that Tesla continues to expand its umbrella of products, it's hard to say. Is it a software revamp for its Tesla cars? A new Autopilot update or overhaul? A change or enhancement for the upcoming Model 3 unit?
Possibilities go behind the car, though. Tesla makes the Powerwall as well, which is an energy storage device used in storing excess electricity generated by solar panels. Could it be something related to that, given that we know a new version is being worked on?
On Wednesday, hopefully we find out.
Shares of Tesla closed at $193.96 Monday, down 1.3%.
It doesn't help that Apple keeps a tight lid around its projects, but that hasn't stopped the public from speculating. Some have suggested the company will build its own vehicles, while others are adamant Apple is working on self-driving software, (sort of like Alphabet's (GOOGL) - Get Report Google).
There was even speculation that the company might buy McLaren Automotive, the maker of super high-end automobiles.
Earlier this year, the company reshuffled its team, laid off some employees from the project and reportedly shifted more focus towards the software side of things. New reports though showed a seemingly more frazzled situation.
Apparently, Apple has cut hundreds of jobs and no longer plans to build its own car. The company is reportedly focusing on self-driving technology, leaving open the possibility of licensing the technology, building its own vehicle in the future or possibly acquiring another automaker down the road.
Given that Apple has so much cash on hand, the possibilities are seemingly endless, but this seems to be the direction for now.
Shares of Apple closed at $117.55 Monday, down 0.1%.
Turning back to Tesla, the company is feeling the heat in Germany. There's certainly been some controversy behind the company's driver assist program, known as Autopilot.
Autopilot can be used by Tesla drivers to assume driving the vehicle in a number of different situations. It can slow down and speed up and keep the vehicle in its proper lane. While the driverless system isn't perfect - and will any ever be? - it does a pretty good job for such an early product.
But after a few crashes, many questioned whether it's right to have such a program available to the public if it's not safer. For the company's part, Autopilot users have to keep their hands on the steering wheel and Tesla argues that while accidents can still happen, using the system is safer than a human driver.
There's been questions around the Autopilot name too. That's where Germany comes in. The country's Federal Motor Transport Authority has asked Tesla to drop the name, as it may be overselling itself to consumers and misleading them.
Of course, any misleading here would be unintentional, since it does perform autopilot-like features, meaning it can't handle all situations. But some may mistake the driver-assist platform for a fully self-driving function. That's at the center of the name change issue.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.