The delay is due to optimization issues with current-gen consoles, according to the CD Projekt Studio.
An announcement on Tuesday indicated Cyberpunk 2077 would be delayed by three weeks. In an interview with CD Projekt co-CEO, Adam Kiciński, the delay came after "final optimization processes" were required for "such a massive and complex game" for current-gen consoles. He did however mention that the game was ready to be shipped on PC and "runs great on the next-gen consoles."
The game has been in development since 2016, and it is reasonable to question whether an additional three weeks will make any difference in the game's development. Mr Kiciński has assured us that this much needed extension will be worthwhile for both PC and console alike.
Mr Kiciński also added that there was no "problem" with how the game runs on current gen-consoles, but that the final process optimizations are needed to ensure the game experience is as good as it should be for a game of this magnitude.
He apologized to the board of investors for "breaking our promise and failing your trust."