On the grounds of the historic Griffith Observatory in Los Angeles on Monday night, Rivian, a US-based electric vehicle startup, unveiled its first vehicle to a small, quaint crowd. Food was served, and calming music befitting a Four Seasons Hotel serenaded members of the press and the event’s guests, which included social media influencers and even a number of celebrities from Hollywood. Amidst the chill vibe, though, a sense of excitement permeated the air, thanks to the centerpiece of the night’s event — a futuristic, rugged, vehicle that has the potential to disrupt the US’ highly lucrative pickup truck market.
The Rivian R1T, with its large off-road wheels, imposing stance, and adventure-themed design flourishes almost stood as a stark contrast to the unveiling’s quaint atmosphere. Quite unlike Tesla, whose unveiling events feature large numbers of people and a modern, high-energy setting, Rivian’s unveiling event for its R1T pickup truck was composed and almost restrained. The enthusiasm in the air, though, was palpable.
The R1T could be described as a luxury adventure vehicle. The pickup truck is designed from the ground up to be at home both on the pavement and off the beaten path, but the vehicle maintains an air of sophistication nonetheless. While Rivian did not allow test drives during the event, the truck on display was very well put together. It was evident that a lot of thought went into the vehicle’s interior design, from its luxurious seats, its all digital instrument panel, and its unique floormats which were made from a lightweight, thin material that almost seemed like carbon fiber.
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- Rivian CEO RJ Scaringe presents the R1T all-electric pickup truck. [Credit: Teslarati]
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- The Rivian R1T’s interior is plush with technology. [Credit: Teslarati]
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- The Rivian R1T features a functional bed with a number of clever features. [Credit: Teslarati]
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- The luxury aspect of the Rivian R1T is reflected in the vehicle’s seats, which are made of premium materials. [Credit: Teslarati]
Rivian unveils its R1T all-electric pickup truck. [Credit: Teslarati]
Speaking before an audience comprised mainly of Rivian employees, select media and even some A-list celebs, CEO RJ Scaringe presented the R1T’s key features and capabilities. Rivian confirmed that they are using 2170 battery cells for the R1T pickup truck and the R1S SUV, which is set to be unveiled on Tuesday. The company noted that it would not be producing its own batteries at this stage of its operations, though their long-term strategy also includes the possibility of establishing a dedicated battery manufacturing facility like Tesla’s Gigafactory 1. Rivian aims to be a battery manufacturer like Tesla eventually, and it aims to license and sell its cells to other manufacturers in the future.
There’s no question that the vehicle’s target demographic are buyers who love luxury and the outdoors. As such, we were impressed by some of the pickup truck’s features that are aimed at making the ownership experience effortless. Among these were its automatic liftgate, and a thin, black lining that automatically protects cargo on the bed with the press of a button. We also found some of the R1T’s quirks — such as headlights that double as a green progress bar when the vehicle is charging — clever and fun. Finally, we liked the vehicle’s storage options, from its “gear tunnel” to its 11.7 cubic foot (330 liter) frunk, which is larger than those found in other premium electric vehicles like the Tesla Model S and Model X.
Rivian noted that it intends to develop self-driving capabilities for the R1T. As such, the truck is equipped with the hardware necessary to make this a reality. These include a suite of cameras, ultrasonic sensors, radar, high-precision GPS technologies, and even a LiDAR. In the future, the company notes that the vehicle should be able to meet its driver at the end of a hiking trail or river run. The company did not provide details as to how it intends to accomplish this, though considering its focus on the outdoors, there is a good possibility that Rivian could be mapping popular trails across the country.
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- The Rivian R1T has a distinct front fascia. [Credit: Teslarati]
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- Rivian’s “skateboard” for the R1T, which holds the pickup truck’s 2170 battery modules. [Credit: Teslarati]
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- The Rivian R1T all-electric pickup truck has a seating capacity of 5. [Credit: Teslarati]
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- The Rivian R1T’s “gear tunnel,” which is specifically designed to store items like fishing roads and golf clubs. [Credit: Teslarati]
Rivian unveils its R1T all-electric pickup truck. [Credit: Teslarati]
After operating in stealth for the most part of the past decade, Rivian has decided to come out with a bang, renting out one of the most historic landmarks in LA to unveil a vehicle that could very well be equally historic if produced and ramped successfully. The R1T starts at $69,000 for its base trim, which is equipped with four electric motors and a 230+ mile range from its 105 kWh battery. The all-electric truck is still pricier than mainstays of the US’ pickup truck market such as the Ford F-150, which starts at a more affordable $29,650. That said, Rivian CEO RJ Scaringe made it clear that the company is going for a very specific niche with its first two vehicles — those that love the outdoors, and those that love luxury. For this niche of buyers, the Rivian R1T might just be the perfect vehicle.
Production of the Rivian R1T is expected to begin in 2020 in the company’s factory in Normal, Il, which it acquired from Mitsubishi in January 2017 for $16 million. The company plans to manufacture the pickup truck’s higher-end variants first, followed by the R1T’s $69,000 version within 12 months from the start of production. Rivian has also started accepting pre-orders for the R1T, with interested buyers being required to place a refundable deposit of $1,000 for the vehicle.
With assistance from Christian Prenzler.
Investor's Corner
Tesla stock gets hit with shock move from Wall Street analysts
Despite Tesla not being an automotive company exclusively, the Wall Street firms and analysts covering its shares are widely dialed in on its performance regarding quarterly deliveries. While it holds some importance, Tesla, from an internal perspective, is more focused on end-to-end AI, Robotaxi, self-driving, and its Optimus robot.
Tesla price targets (NASDAQ: TSLA) have received several cuts over the past few days as Wall Street firms are adjusting their forecast for the company’s stock following a miss in quarterly delivery figures for the first quarter.
Despite Tesla not being an automotive company exclusively, the Wall Street firms and analysts covering its shares are widely dialed in on its performance regarding quarterly deliveries. While it holds some importance, Tesla, from an internal perspective, is more focused on end-to-end AI, Robotaxi, self-driving, and its Optimus robot.
In a notable shift underscoring mounting caution on Wall Street, three prominent investment banks slashed their price targets on Tesla Inc. shares over the past two weeks following the electric-vehicle giant’s disappointing first-quarter 2026 delivery numbers. The revisions highlight softening EV sales figures and, according to some, execution challenges.
Tesla delivered 358,023 vehicles in the January-to-March period, a 14 percent sequential decline and a miss versus consensus forecasts of roughly 365,000 to 370,000 units.
Production hit 408,000 vehicles, yet the delivery shortfall, paired with limited updates on autonomous-driving progress and new-model timelines, rattled investors. Shares fell about 8.7 percent since April 1.
Wall Street analysts are now adjusting their forecasts accordingly, as several firms have made adjustments to price targets.
Goldman Sachs
Goldman Sachs cut its target from $405 to $375 while maintaining a Hold rating. Analyst Mark Delaney pointed to soft EV sales trends and margin pressures.
Truist Financial followed on April 2, lowering its target from $438 to $400 (Hold unchanged), with analyst William Stein citing misses in both auto deliveries and energy-storage deployments, plus a lack of fresh details on AI initiatives and upcoming vehicles.
It is a strange drop if using AI initiatives and upcoming vehicles as a justification is the primary focus here. Tesla has one of the most optimistic outlooks in terms of AI, and CEO Elon Musk recently hinted that the company is developing something for the U.S. market that will be good for families.
Baird
Baird’s Ben Kallo made a very modest trim, reducing its target from $548 to $538, keeping and maintaining the ‘Outperform’ rating it holds on shares. Kallo said the price target adjustment was a prudent recalibration tied to near-term risks.
Truist
Truist analyst William Stein pointed to deliveries and energy storage missing expectations, and cut his price target to $400 from $438. He maintained the ‘Hold’ rating the firm held on the stock previously.
JPMorgan
Adding to the bearish tone on Monday, April 6, JPMorgan’s Ryan Brinkman reiterated an Underweight (Sell) rating and $145 price target, implying roughly 60 percent downside from recent levels.
Brinkman highlighted a “record surge in unsold vehicles” that adds to free-cash-flow woes, with inventory swelling to an estimated 164,000 units.
Tesla’s comfort level taking risks makes the stock a ‘must own,’ firm says
He lowered his Q1 2026 EPS estimate to $0.30 from $0.43 and full-year 2026 EPS to $1.80 from $2.00, both below consensus. Brinkman noted that expectations for Tesla’s performance have “collapsed” across financial and operating metrics through the end of the decade, yet the stock has risen 50 percent, and average price targets have increased 32 percent.
This disconnect, he argued, prices in an unrealistic sharp pivot to stronger results beyond the decade, while near-term realities remain materially weaker.
He advised investors to approach TSLA shares with a “high degree of caution,” citing elevated execution risk, competition, and valuation concerns in lower-price, higher-volume segments.
The revisions have pulled the overall consensus lower. Aggregators show the average 12-month price target now ranging from approximately $394 to $416 across roughly 32 analysts, with a prevailing Hold rating and a mixed split of Buy, Hold, and Sell recommendations.
Brinkman’s $145 target stands as a notable outlier on the bearish side.
Not Everyone Has Turned Bearish on Tesla Shares
Not all firms turned more pessimistic. Wedbush Securities held its bullish $600 target, stressing that AI and full self-driving technology represent the core value drivers, with current delivery softness viewed as temporary.
These moves reflect a broader Wall Street recalibration: near-term EV demand faces pressure from high interest rates, intensifying competition, especially from lower-cost Chinese rivals, and slower adoption.
At the same time, many analysts continue to see Tesla’s technology leadership in software-defined vehicles, autonomy, robotaxis, and energy storage as pathways to outsized long-term gains once macro conditions ease and new models launch.
With Tesla’s first-quarter earnings report due later this month, upcoming details on cost discipline, Cybertruck ramp-up, and AI roadmaps will likely shape whether these target adjustments prove prescient or overly cautious. Investors remain divided between immediate delivery realities and the company’s ambitious vision.
Tesla shares are trading at $348.82 at the time of publishing.
Elon Musk
Tesla Full Self-Driving feature probe closed by NHTSA
Actually Smart Summon allows owners to move their parked Tesla via a smartphone app remotely, directing the vehicle short distances in parking lots or private property while the driver supervises from the phone.
A probe into a popular Tesla self-driving feature has been closed by the National Highway Traffic Safety Administration (NHTSA) after over a year of scrutiny from the government agency.
The NHTSA has officially closed its investigation into Tesla’s Actually Smart Summon (ASS) feature, marking a regulatory win for the electric vehicle maker after more than a year of scrutiny.
Here’s our coverage on the launch of the probe:
Tesla’s Actually Smart Summon feature under investigation by NHTSA
The preliminary investigation, opened last January, examined roughly 2.59 million Tesla vehicles equipped with the feature across the Model S, Model X, Model 3, and Model Y lineups. ASS is not available for Cybertruck currently.
Actually Smart Summon allows owners to move their parked Tesla via a smartphone app remotely, directing the vehicle short distances in parking lots or private property while the driver supervises from the phone.
Here’s a clip of us using it:
Summon has had some good performances for me in the past
This was in October: https://t.co/w69Zp2bqeg pic.twitter.com/PVXSRj19E0
— TESLARATI (@Teslarati) April 5, 2026
Introduced as an upgrade to the original Smart Summon, the feature was designed to enhance convenience but drew attention after reports of low-speed incidents where vehicles bumped into stationary objects like posts, parked cars, or garage doors.
The NHTSA’s Office of Defects Investigation reviewed 159 incidents, including one formal Vehicle Owner’s Questionnaire complaint and media reports.
Notably, all events occurred at very low speeds, resulted only in minor property damage, and involved zero injuries or fatalities. The agency determined that the incidents were “extremely rare”, a fraction of one percent across millions of Summon sessions, and did not indicate a systemic safety-related defect.
A key factor in the closure was Tesla’s proactive response through over-the-air (OTA) software updates.
During the probe, Tesla deployed at least six updates that improved camera-based object detection, enhanced neural network performance for obstacle recognition, and refined the system’s response to potential hazards. These iterative improvements, delivered wirelessly to the entire fleet, addressed the primary concerns around detection reliability and operator reaction time.
Critics of Tesla’s autonomous features had initially pointed to the crashes as evidence of rushed deployment, especially given the feature’s reliance on the company’s vision-only Full Self-Driving (FSD) stack. However, NHTSA’s decision to close the case without seeking a recall underscores the low-severity nature of the events and the effectiveness of software-based fixes in modern vehicles.
It definitely has its flaws. I used ASS yesterday unsuccessfully:
It was pouring when I left the gym so I tried to Summon my Model Y
It turned the opposite way and drove out of range, stopping here and forcing me to walk even further across the lot in the rain for it 🤣
One day pic.twitter.com/iD10c8sriB
— TESLARATI (@Teslarati) April 5, 2026
However, improvements will come, and I’m confident in that.
The closure comes as Tesla continues to push boundaries with its autonomous driving ambitions, including unsupervised FSD rollouts and robotaxi initiatives. For owners, the ruling reinforces confidence in Actually Smart Summon as a convenient, low-risk tool rather than a hazardous experiment.
While broader NHTSA reviews of Tesla’s higher-speed FSD capabilities remain ongoing, this outcome highlights how data-driven analysis and rapid OTA remediation can satisfy regulators in the evolving landscape of automated driving technology.
Tesla has not issued an official statement on the closure, but the move is widely viewed as bullish for the company’s autonomy roadmap, reducing one layer of regulatory overhang and allowing focus on further refinements.
Elon Musk
Tesla uses Model S and X ‘sentimental’ value to enforce massive pricing move
By slashing production and creating immediate scarcity, the company has transformed these remaining vehicles into limited-edition relics. The price hike is not driven by rising material costs or new features.
Tesla is using the “sentimental” value that CEO Elon Musk talked about with the Model S and Model X to enforce one of the most massive pricing moves it has ever applied as it begins to phase out the flagship vehicles.
Tesla quietly executed one of its most calculated pricing plays yet. After officially ending production of the Model S and Model X, the company raised prices on every remaining new and demo unit by roughly $15,000.
The refreshed starting prices now sit at:
- $109,990 for the Model S AWD
- $124,900 for the Model S Plaid
- $114,900 for the Model X AWD
- $129,900 for the Model X Plaid
NEWS: Tesla has raised the price on all remaining new (and demo) Model S and Model X vehicles left in inventory by $15,000.
New starting prices:
• Model S AWD: $109,990
• Model S Plaid: $124,900
• Model X AWD: $114,900
• Model X Plaid: $129,900 pic.twitter.com/qBEhsYAfXr— Sawyer Merritt (@SawyerMerritt) April 5, 2026
Every vehicle comes fully loaded with the Luxe Package, Full Self-Driving Supervised, four years of premium connectivity and service, and lifetime free Supercharging. What looks like a simple inventory adjustment is, in reality, a masterclass in monetizing nostalgia.
These are not ordinary cars. For many owners, the Model S and Model X represent the purest expression of Tesla’s original promise—the sleek, over-engineered flagships that proved electric vehicles could be faster, quieter, and more desirable than their gasoline counterparts.
Tesla removes Model S and X custom orders as sunset officially begins
They are the vehicles that carried Elon Musk’s vision from Silicon Valley startup to global automaker.
The final units rolling off the line carry an emotional weight that numbers alone cannot capture. Buyers are not simply purchasing transportation; they are acquiring a piece of Tesla history, the last examples of the very models that defined the brand’s first decade.
Tesla, with this move, understands this sentiment deeply.
By slashing production and creating immediate scarcity, the company has transformed these remaining vehicles into limited-edition relics. The price hike is not driven by rising material costs or new features.
It is driven by the knowledge that a certain segment of buyers, loyalists, collectors, and enthusiasts, will pay a premium precisely because these cars are about to disappear. The strategy converts emotional attachment into margin.
Where other automakers might discount outgoing models to clear lots, Tesla is betting that sentiment is worth more than volume.
The move also quietly rewards existing owners. Scarcity instantly boosts resale values for the hundreds of thousands of Model S and X already on the road, reinforcing brand loyalty among the very people who helped build Tesla’s reputation.
In the end, Tesla’s pricing decision reveals a sophisticated understanding of its audience. As the company pivots toward next-generation platforms, it has found a way to extract one final, lucrative chapter from its heritage.
For buyers willing to pay the new prices, the premium is not just for the car; it is for the feeling of owning the last true originals. Tesla has turned sentiment into strategy, and in the process, reminded everyone that even in the EV era, emotion remains a powerful line on the balance sheet.
Tesla stock gets hit with shock move from Wall Street analysts
Tesla Full Self-Driving feature probe closed by NHTSA
