Tesla plans next-generation Roadster reveal after almost a decade of delays

Tesla is planning to show off its long-delayed next-generation Roadster on Thursday, almost a decade after Elon Musk's company started taking deposits for the electric sports car.

The event will be livestreamed from a SpaceX test site in McGregor, Texas, near Waco. It's expected to begin at 7:55 p.m. local time, or 8:55 p.m. ET.

Tesla's original Roadster, designed and engineered by a team led by founding CEO Martin Eberhard, was based on a Lotus Elise chassis and was first delivered in 2008, selling for roughly $100,000 in small volumes until 2012.

The next-generation Roadster is expected to be a high-end, low-volume model that relies on SpaceX technology, such as cold gas thrusters, to enable it to hover. Musk fanatics have been gearing up for the demonstration, expressing their excitement on social media, but the Roadster isn't likely to have any material financial impact on the company.

Tesla reopened reservations for the refreshed Roadster in recent weeks, accepting $50,000 deposits from prospective buyers in the U.S., Canada and China. Executives are expected to disclose specific pricing, details and production targets.

Musk first promoted the refreshed Roadster concept at an event in November 2017, and the following June in a series of tweets. He wrote at that time, "SpaceX option package for new Tesla Roadster will include ~10 small rocket thrusters arranged seamlessly around car." The engines would improve speed and braking, and may "even allow a Tesla to fly."

Tesla started taking $50,000 deposits in 2017, but has since missed every targeted delivery date. As recently as last October, Musk was hyping a Roadster demo that he hoped would happen before the end of 2025. That didn't take place either.

Musk's former friend and OpenAI co-founder Sam Altman mocked the Tesla CEO in posts on X last year over the extreme delays, showing screenshots of his own reservation and refund requests.

"I really was excited for the car! And I understand delays," Altman wrote. "But 7.5 years has felt like a long time to wait."

Altman got his refund, and the two ended up in court earlier this year over a separate matter related to OpenAI's governance and ownership structure.

Others have kept their reservations.

Lawrence O'Connor, founder and CEO of Other World Computing in Austin, Texas, told CNBC he reserved a Founder's Edition of the new Roadster in November 2017, effectively giving the company what he called an "interest-free loan" of $250,000.

O'Connor wrote in a message that he plans to attend Thursday's event and is "excited to see what has been 9 years in the making."

According to filings with the Federal Aviation Administration, Tesla established a no-fly zone around the SpaceX facility where it plans to show off the vehicle. The company had to scrap a demo on Oct. 1 due to weather issues.

Tesla is scheduled to report third-quarter results after the bell on Wednesday.