I assume they'll say they aren't attending E3 but will give a date of their own event today. The issue is if they don't give a god damn date for anything.
EDIT: Zhuge said it's happening today, the announcement.
Remij said that the Forza 7 or 8, I forgot the number would be a definite Series X launch exclusive when the rumours of this came out before Matt Booty confirmed it. So let's not pretend 1-2 years was something expected.