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.
Tesla CEO Elon Musk posted a photo of himself standing with the Optimus production team inside Tesla’s Fremont factory, arms crossed amid workers in hard hats and safety vests. The image captures a pivotal industrial shift: the same facility space once dedicated to building Tesla’s flagship Model S sedan and Model X SUV is now home to the company’s humanoid robot manufacturing line.
Walking the Optimus production line in Fremont pic.twitter.com/ABS0tuRibW
— Elon Musk (@elonmusk) July 1, 2026
Tesla’s Fremont Factory, acquired in 2010 from the former NUMMI joint venture between Toyota and GM, has been the company’s original U.S. manufacturing hub since Model S production began in 2012.
The Model X followed soon thereafter. These premium vehicles offered lower annual volumes, recently around 30,000 combined, compared to the high-volume Model 3 and Model Y lines that continue around the site. Over their combined run, the S and X accounted for roughly 610,000 units.
In late January 2026, during Tesla’s Q4 2025 earnings call, Elon Musk announced the end of Model S and Model X production in Q2 2026. The final vehicles rolled off the line in early May. Rather than retooling for another vehicle, Tesla chose to convert the dedicated S/X assembly area into a dedicated Optimus Gen 3 production line.
Model 3 and Y manufacturing remains unaffected. Tesla’s official Fremont Factory page now lists Optimus alongside the 3 and Y as core products.
The conversion was executed with remarkable speed. After production stopped, crews dismantled the existing vehicle line and installed entirely new modular equipment—including lines sourced from Germany and dozens of sub-lines for actuators, batteries, and other components—in roughly four months.
Musk described the timeline as “insanely fast,” noting it would be unprecedented for any other manufacturer. Initial Optimus output is expected to ramp slowly due to the robot’s roughly 10,000 unique parts and the brand-new production processes involved. The Fremont line targets an eventual capacity of 1 million Optimus units per year.
Tesla isn’t joking about building Optimus at an industrial scale: Here we go
Optimus Development Timeline
- August 19, 2021: Optimus (then called Tesla Bot) formally announced at Tesla’s first AI Day. A concept video showed a person in a suit demonstrating the vision for a general-purpose humanoid capable of dangerous, repetitive, or boring tasks using the same AI architecture as Full Self-Driving.
- 2022: Early prototypes displayed. At the second AI Day in September, semi-functional units demonstrated walking across a stage and basic arm movements
- 2023: September videos showed improved capabilities, including sorting colored blocks, precise limb awareness, and holding a Yoda pose.
- 2024-early 2025: Factory integration videos showed Optimus navigating workspaces and handling objects like battery cells.
- January 2026: Gen 3 mass-production activities began at Fremont, with reports of over 1,000 Gen 3 units already operating inside the factory for real-world learning and AI training
- April 2026: Musk confirms Optimus production on converted Fremont line would begin in late July or August 2026. The Gen 3 reveal, originally eyed for Q1, was pushed closer to production start. A second, much larger Optimus factory at Giga Texas is under construction, with volume production targeted for Summer 2027 and long-term capacity of 10 million units annually
- July 1, 2026: Musk’s on-site visit and team photo confirm the Optimus line is operational and the transition is actively progressing
Tesla positions Optimus as potentially its largest project ever, leveraging vertical integration, AI expertise, and car-like manufacturing know-how to scale humanoid robots first for its own factories and later for broader industrial and consumer use.
The Fremont conversion serves as a critical proving ground for this ambitious new chapter in Tesla’s already-rich history.
Investor's Corner
Tesla gets its latest short from Michael Burry: ‘Happy it jumped back to this level’
Tesla short seller Michael Burry, the subject of the film “The Big Short,” where he was portrayed by Steve Carell, has revealed he has opened a new bet against the stock.
In a new update to his Substack newsletter in a post titled “Trading Post June 30, 2026,” Burry revealed a new set of bets against Tesla, Caterpillar, NVIDIA, Applied Materials Inc., and the iShares Semiconductor ETF.
In regard to Tesla, Burry wrote:
“And finally I shorted Tesla at 416.22. Happy it jumped back to this level.”
This means Burry likely opened his new short position after the company’s recent rally on Wall Street, which saw Tesla shares sink in mid-May, only to recover to well over the $400 mark. Currently, shares trade at around $427.
The company saw a big Tuesday as shares climbed considerably, over 10 percent. The size of the Tesla short was not provided, nor did Burry give any information on the position’s structure, the number of shares, dollar value, or whether options were used in the short.
The Tesla and SpaceX merger everyone is talking about is quietly building
Over the years, Burry has been one of the more vocal critics of Tesla, calling its share price “media inflated,” and saying it was “ridiculously overvalued” as recently as December.
The company has largely transitioned away from being known as an automotive company and instead is much more widely regarded as an AI play, mostly due to its Full Self-Driving efforts, Optimus robot development, and data collection related to both.
This has not pulled those skeptics away from being vocal about their distaste for how Tesla is valued, but there’s no denying that the company is a global force in many things, including sustainable energy, automotive, and AI.
Wedbush Securities is initiating stock coverage on SpaceX (NASDAQ: SPCX), marking the first comments on the company since it went public several weeks ago. Wedbush and its analyst handling coverage, Dan Ives, are widely bullish on fellow Musk company Tesla (NASDAQ: TSLA).
Ives wrote his first note initiating coverage of SpaceX shares on Wednesday with a $190 price target and an ‘Outperform’ rating. The firm believes the company is well positioned off of its IPO because of its wide array of projects, including AI compute power and infrastructure, connectivity projects, and launches.
“We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity,” Ives wrote, “Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters.”
Elon Musk called it Epic: The full story of SpaceX’s Starship Flight 12
Wedbush leans heavily on Starlink, which they say is the “profitability driver given the strength of its recurring revenue base of ~12 million subscribers as of June 5th.” Ives believes Starlink is still in the “early innings” of penetrating the global telecommunications and broadband market, as it only holds less than a 1 percent share. However, this number is sure to increase over time.
It also highlights the importance of Starship, which it says is an “essential layer” of SpaceX’s overall success. SpaceX developing and displaying the ability to reuse rockets is a major cost and reliability advantage “as it reduces the necessary hardware launch costs while generating a feedback loop for future flights to improve their launch flight rate without accelerating capex spend.”
Finally, SpaceX’s recent AI/Compute projects are also very elementary, Ives writes. It is worth mentioning Wedbush said its $190 price target is derived from a valuation forecast that sees the company yielding roughly $2.48 trillion of implied enterprise value.
There are also some factors that Wedbush did not take into account with its initial coverage. The firm wrote in the note:
“We note that there is optional value coming from Starship’s accelerating scale towards sub-$200/kg unit economics, orbital data centers, and enterprise AI monetization as these factors could drive meaningful upside but these face major hurdles, so we do not take that into account with our valuation.”
SpaceX shares are down just over 2 percent today, trading at around $167 at the time of publication.
Tesla Optimus project fires up as Musk sees production line progress
Tesla gets its latest short from Michael Burry: ‘Happy it jumped back to this level’
