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Rivian stock gets two thumbs up from Jim Cramer

(Credit: Rivian)

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Rivian is expected to beat its Q3 2023 delivery reports. Now, Rivian has caught Jim Cramer’s attention.

“This is just one unbelievably positive note. If you’re looking for an [EV stock] that’s doing well, let’s point to Rivian,” said the Mad Money host.

This year the EV startup’s performance this year has been phenomenal. Rivian beat its delivery estimates in the first and second quarters, drawing bullish comments from Wall Street analysts. Rivian delivered 7,946 units in the first quarter, exceeding expectations. Rivian beat the Street’s estimates again in the second quarter after announcing 12,640 deliveries.

Baird analyst Ben Kallo labeled Rivian stock a “fresh pick” in his latest note. 

“Concerns regarding third-party reports of weakening demand have led to recent weakness in the stock, and we believe underlying demand remains strong with production improving. We see Q3 deliveries as a near-term catalyst and expect sentiment to improve as Rivan continues to realize cost benefits from an improving supply chain and the use of in-house components,” wrote Kallo.

Before Kallo’s note, Rivian stock had fallen about 13% due to the consensus delivery estimate for Q3 2023 dropping from 15,000 to 14,000 units—based on FactSet data. Kallo had forecasted that Rivian would beat delivery estimates. After his prediction, Rivian shot up 6%. 

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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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Miami Beach Mayor considering Elon Musk’s Boring Company tunnels

Miami Beach faces unique constraints, including chronic flooding, porous limestone foundations, and its low elevation near sea level.

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(Credit: The Boring Company

Miami Beach Mayor Steven Meiner has asked city commissioners to consider whether underground transit tunnels could be a feasible solution to the city’s worsening traffic. 

The proposal reflects growing interest in exploring unconventional transit options, especially after city leaders rejected plans to extend the downtown Miami Metromover to South Beach.

New transit alternatives

In a memo, Meiner noted that his request is not tied to a single project but is intended to open a broader discussion on engineering challenges, environmental impacts, potential funding, and integration with existing transit systems. Miami Beach faces unique constraints, including chronic flooding, porous limestone foundations, and its low elevation near sea level, according to Axios.

The tunnel idea is not entirely new. In 2022, Meiner suggested reaching out to Elon Musk’s The Boring Company to discuss potential projects, citing the firm’s work on the Vegas Loop in Las Vegas. At the time, the city passed a resolution to study tunnels further, though it remains unclear whether any formal discussions with the tunneling startup actually took place.

Previous proposals

The Boring Company has shown interest in South Florida before. In 2021 and 2022, it submitted plans for Tesla-powered tunnel systems in Fort Lauderdale and North Miami Beach. While the Fort Lauderdale project was later suspended, reports suggest the North Miami Beach proposal remained active into 2023. Musk also met with Miami Mayor Francis Suarez in 2021 to discuss tunnel systems, though no progress has been reported since.

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The Boring Company has garnered some experience with consumer tunnels over the years, thanks in no small part to the Las Vegas Convention Center and Vegas Loops, which use Tesla vehicles. The greater Vegas Loop is still being expanded today, and efforts are underway to transition the Teslas being used in the tunnels to use Unsupervised FSD.

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Tesla owners are celebrating Model Y L first deliveries

The timing of the Model Y L’s release aligns with growing demand for Tesla vehicles in China.

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Credit: @LuisZhu/X

Tesla customers in China seem to be loving the Model Y L. This was hinted at in posts from the electric vehicle maker on Chinese social media platform Weibo.

The Model Y L is Tesla’s entry into China’s competitive six-seat crossover SUV segment, which has previously been out of reach for the standard Model Y.

Model Y L delivery celebrations

Tesla Model Y L owners in China have been sharing enthusiastic reviews following the delivery of their vehicles. Many cited the SUV’s safety, practicality, and family-friendly design as key reasons for choosing the vehicle. Several noted that they placed orders for the vehicle without seeing the Model Y L in person, while others highlighted that they “only trust Tesla for its safety and technology.”

“For our two kids and two grandparents, the six-seater Model Y L is perfect for our family of six. Because we trust Tesla’s safety and intelligent features, we placed a blind order to be among the first owners to take delivery!” one Model Y L owner stated, as translated by Tesla watcher @tslaming.

Owners praised the six-seater’s handling, spaciousness, and advanced features, with one calling it “perfect” compared to competitors. Families highlighted the Model Y L’s suitability for accommodating children and grandparents, while others described upgrading from previous Teslas as a natural choice. Some even made long trips to pick up their vehicles, eager to take road trips across China in the new model.

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“This is my second Tesla, and I specially took the high-speed train to pick it up! The first thing I’ll do with my new car is take my family and dog on a road trip to Xinjiang, and travel all over China with the Model Y L,” another Model Y L customer wrote. 

Tesla Model Y specs

Unveiled on August 19, the Model Y L joins Tesla’s existing five-seat variants in China, offering a larger footprint and additional seating. Priced from RMB 339,000 ($47,460), the vehicle is positioned above the RWD and long-range AWD five-seat versions. The Model Y L is longer than the standard Model Y, with a wheelbase extended to 3,040 mm.

The timing of the Model Y L’s release aligns with growing demand for Tesla vehicles in China. Recent insurance registration data showed 12,500 Tesla units recorded last week, a 21% increase from the previous week’s 10,300 units. Analysts expect the addition of the six-seat SUV to broaden Tesla’s appeal to families seeking larger electric options, further boosting sales momentum this third quarter.

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Tesla deploys Unsupervised FSD in Europe for the first time—with a twist

Europe has so far been elusive for Tesla’s FSD rollout.

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Credit: Tesla AI/X

Tesla has officially started using Unsupervised FSD in Europe, at least, within the Giga Berlin complex.

Ready for rollout

As per a video from the Tesla AI team, Model Y units that are produced at Giga Berlin now autonomously transport themselves from the end of the production line to their designated holding areas. The video demonstration, which was posted on X, followed a Model Y unit that parked itself autonomously at a charging station, and another that headed straight to Giga Berlin’s outbound area.

Giga Berlin plant manager André Thierig shared his insights on the video, stating that “Every Tesla we built has the ability to drive autonomously and we use this feature 100% for outbound operations, starting from the light tunnel until the car arrives at the outbound yard! Really impressive!” He also stated that he “cannot wait to see this on European roads outside the factory.”

Unsupervised FSD in Europe

Europe has so far been elusive for Tesla’s FSD rollout. While FSD Supervised has been rolled out to consumers in the United States, and to some degree, in China, only tests have so far been implemented in Europe. This has resulted in numerous Tesla owners getting their patience tested, especially those who have purchased FSD in vehicles that are now several years old.

Tesla, for its part, has been demonstrating Unsupervised FSD operating on public European roads across several countries, such as France and Germany. So far, however, the wait is still on for Europe to allow FSD, both Supervised and Unsupervised, to be operated by regular consumers on public roads.

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