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Rivian showroom to open in luxury Chicago neighborhood

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Rivian plans to open its first showroom in Chicago’s Gold Coast. The Gold Coast is marketed as an area for luxury lovers, befitting Rivian’s brand goals. 

Rivian will open a showroom at 871 N. Rush St. in Chicago’s Gold Coast area. The EV automaker initially planned to open a showroom in the Fulton Market district a few years ago but backed out of the deal for undisclosed reasons. Its current location in the Gold Coast area might be more fitting, though. 

“The Gold Coast is a luxury lover’s haven. Charming homes on picture-perfect streets, high-end boutiques, and restaurants favored by celebrities past and present all give this neighborhood its star power,” stated Choose Chicago. 

Rivian aspires to provide customers with the best off-roading, outdoor experience in the comfort of modern society through its R1T and R1S electric vehicles EVs. In the past, RJ Scaringe stated that R1 EVs would have a “Patagonia-like feel of enabling adventure.” 

The Patagonia brand is well-known for providing durable equipment for outdoor explorers. A pair of shorts at Patagonia can range from $55 to $65 or more. Despite its premium price, however, Patagonia’s products are well-loved by its consumers. Statista estimates that about 15% of outdoor fashion users in the US use Patagonia products. 

While Rivian’s Gold Coast showroom is already impressive, it isn’t finished with Chicago yet. In a statement to CoStar News, the company noted it was “still exploring our options” for another space in Chicago. It should be noted that Rivian already has a service center located west of Fulton Market at 2033 W. Walnut St.

Rivian is still ramping up its first two consumer vehicles, the R1T pickup truck and the R1S SUV. Plans are also underway to release the R2 platform, which is expected to be more affordable. Last month, Rivian also announced that it would adopt Tesla’s North American Charging Standard (NACS) for its vehicles. Tesla (NASDAQ: TSLA) has gone live with a link to its Q2 2023 earnings call. All eyes are on Tesla’s electric vehicle margins in the second quarter, as the company achieved record delivery numbers following the adoption of aggressive pricing strategies.

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Similar to previous earnings calls, Tesla is also accepting questions from retail and institutional investors that would be asked during the session’s Q&A portion. A link to Say.com’s platform, which allows TSLA investors to post their inquiries to Tesla, is included in the Q3 2023 earnings call live-streams description on YouTube. 

Tesla shares are seeing momentum this week after the company announced during the weekend that the first production Cybertruck has been manufactured at Gigafactory Texas. The Cybertruck is highly-anticipated, with estimates suggesting that the vehicle has about 1.7 million pre-orders as of earlier this year. 

The electric vehicle maker’s second-quarter production and delivery results were also impressive. Tesla produced nearly 480,000 vehicles and delivered over 466,000 cars from April to June. The lion’s share of these sales were from the Model 3 sedan and Model Y crossover, the company’s two mainstream vehicles. 

But while Tesla was able to sell a record number of vehicles worldwide in the second quarter, the company also adopted an aggressive pricing strategy that is expected to affect some of the company’s margins. Thus, while Tesla sold more vehicles than ever, its profit margin per vehicle sold likely declined in Q2. 

Tesla is expected to post its financial results for the second quarter of 2023 after markets close on Wednesday, July 19, 2023. The actual earnings call, livestreamed in the link below, is expected to start at 4:30 p.m. Central Time (5:30 p.m. Eastern Time). 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Elon Musk

SpaceX’s next Starship launch is about to attempt its biggest leap yet

SpaceX targets September 22 for Starship Flight 14, its first attempt to reach real orbit.

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SpaceX has set September 22 as the target date for Starship’s 14th test flight, and this one carries a different goal than any of the 13 that came before it. Every previous Starship mission has intentionally flown a suborbital arc, reentering the atmosphere within the same hour it launched. Flight 14 is designed to send the craft into a genuine orbit around Earth for the first time.

The launch window opens at 7:15 a.m. Central time at Starbase in South Texas and runs for 75 minutes, pending regulatory approval, according to SpaceX’s mission description published Tuesday. If the flight goes as planned, Starship will circle the planet roughly six times at an altitude near 275 kilometers over about ten hours before a deorbit burn sends it toward a splashdown in the Pacific Ocean west of Chile, a departure from the Indian Ocean recoveries used on the last several flights.

The mission also marks the first attempt to put a working batch of Starlink V3 satellites into actual service. Flight 13 carried 20 of the new satellites in July, but because that mission never left a suborbital trajectory, the payload reentered along with the ship instead of separating into orbit.

SpaceX tells the FCC that Starship Flight 14 is going to orbit

Each V3 satellite is rated for roughly one terabit per second of downlink capacity, so a successful deployment on Flight 14 would be SpaceX’s largest single jump in network bandwidth since Starlink began flying on Falcon 9.

Flight 13 still did the heavier lifting on the technical side. That July mission flew a deliberately more stressful reentry profile to test Starship’s heat shield, and the ship survived its softest splashdown yet, intact enough for drone inspections shortly after landing. Elon Musk said the flight delivered “all the heat shield data we needed and then some,” a result Teslarati covered in detail when he later said SpaceX had solved the vehicle’s biggest reusability challenge. Flight 14 is where SpaceX starts spending that confidence on an actual orbital insertion rather than another controlled fall back to Earth.

One thing Flight 14 will not attempt is a tower catch of the ship. Musk floated the idea right after Flight 13, but walked the timeline back in August, saying a catch attempt was more likely “in a few months.” The Super Heavy booster will still aim for its own recovery, targeting an offshore landing point in the Gulf of America, the same approach used on recent flights.

September 22 is SpaceX’s own target, not a locked date. Starship’s schedule has slipped before over hardware readiness and FAA sign off, and the company has said as much in its own mission notes. But the plan itself represents the clearest marker yet that Starship is moving from a suborbital test program into something meant to carry paying payloads and, eventually, people.

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Elon Musk gives his most telling Tesla-SpaceX merger conversation yet

Elon Musk hinted a Tesla-SpaceX merger could be coming, and Wall Street is taking notice.

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Elon Musk gave his clearest signal yet that Tesla and SpaceX could eventually combine, telling the All-In Summit in Los Angeles that the two companies’ deepening collaboration makes the question worth asking. Sawyer Merritt first surfaced the highlight on X Tuesday.

Asked directly why Tesla and SpaceX remain separate given how closely they already work together, Musk told hosts at the summit: “Great question there. With all this collaboration, on so many levels, who can imagine what action one might take when there’s so much close collaboration in so many areas.” SpaceX President Gwynne Shotwell, who joined Musk on stage, added that SpaceX personnel have already moved into xAI to fill leadership and engineering gaps, saying the businesses are integrating “faster than I thought,” though “not fully integrated yet,”

The comments landed on top of merger speculation that has been building on Wall Street for months. JPMorgan has called a tie-up “strategically coherent on paper,” pointing to overlapping ambitions in AI, robotics, energy, transportation and space. Jefferies went further, estimating Musk could retain roughly 55.3 percent voting control in a deal structured without a premium, a scenario that would still leave room for Tesla shareholders to come out ahead. On Kalshi, traders now put the odds of a merger before 2028 at 66 percent.

Tesla’s stake in SpaceX, still under one percent, traces back to its earlier investment in xAI, which converted to SpaceX equity after SpaceX absorbed the AI company. The two are also jointly building Terafab, a chip facility in Austin meant to serve both Tesla’s AI computing needs and SpaceX’s satellite ambitions. Wedbush analyst Dan Ives has stood by a 2027 merger timeline for months, and Cathie Wood’s ARK Invest recently floated a similar case, an idea Musk pushed back on directly at the time.

Another Tesla SpaceX merger prediction by ARK Invest has Elon Musk talking

The timing adds another layer. Tesla has scheduled an October 1 unveiling for its next generation Roadster at a venue near SpaceX’s McGregor, Texas test site, using the phrase “Go for launch” in its promotional material. Both stocks dipped roughly 2 percent Monday before recovering slightly in premarket trading Tuesday, with SpaceX shares up about 0.4 percent and Tesla essentially flat.

Musk stopped short of confirming anything is in motion. But unlike his past denials of a corporate restructuring, this response didn’t rule one out, and it came with Shotwell sitting next to him describing an integration that’s already underway.

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Tesla Roadster unveiling is getting hyped up by Elon Musk

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tesla roadster
Credit: Petersen Auto Museum

The Tesla Roadster unveiling is getting hyped up by the company’s CEO Elon Musk, who has been a big reason the product has such high expectations due to delayed timelines and a constant need to make it even more insane than before.

Tesla announced on September 12 that it would officially unveil the Roadster in Waco, Texas, on October 1, ending years of patience for fans and reservation holders who have waited for the all-electric supercar to enter production since 2017.

Musk has said that this event will be well worth the wait on several occasions, and last year on the Joe Rogan Experience, he said that there should be a closing chapter to supercars- the end of cars that aren’t focused on safety.

He said:

“Whether it’s good or bad, it will be unforgettable. My friend Peter Thiel once reflected that the future was supposed to have flying cars, but we don’t have flying cars. I think if Peter wants a flying car, he should be able to buy one. I think it has a shot at being the most memorable product unveil ever. This is some crazy technology in this car. Let’s just put it this way: if you took all the James Bond cars and combined them, it’s crazier than that.”

Musk’s teases have continued, and now that the event is roughly two weeks away, it seems like Roadster is finally going to show up and blow some minds:

Tesla has definitely dragged out the development of the Roadster, but there is a good reason for it.

Tesla has been working on many other projects, most notably self-driving efforts to increase passenger safety, and those simply took priority over the Roadster, a low-volume, high-performance sports car that has a lightning-fast acceleration rate of 0-60 MPH in just 1.1 seconds, could potentially fly, and contributes very little to the company’s mission.

However, many people have the Roadster on pre-order through the referral program or with their own money, and it is time that Tesla delivers on that.

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