Tesla to unveil new product today

Tesla Motors Inc. Chief Executive Elon Musk tweeted Wednesday the electric-car maker is ready to make a product "announcement" at 5 p.m. Pacific. Thirty minutes of a question-and-answer media session will follow, he said. Musk had postponed the unveiling from Monday. He has said another announcement, this time showcasing a Tesla and SolarCity Corp. product, is scheduled for Oct. 28. Tesla plans on a $2.6 billion merger with SolarCity, a solar-power provider led by Musk's cousin. Musk is chairman and largest shareholder of both companies. Shares of Tesla ticked higher after the tweet, and were recently up 2.4%. Shares have lost 15% so far this year, contrasting with gains of 5.1% for the S&P 500 index in the same period.

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