The Rivian CFO has made several announcements at the recent Bank of America Securities Summit, enticing investors and fans alike.
Rivian is finally catching its stride following a successful first quarter of the year, and coming off this excellent production ramp; the automaker is headed toward a whole new set of challenges, relating to everything from its second-generation R2 vehicle to its profitability to its ongoing R1 truck ramp. Luckily, the company’s CFO, Claire Rauh McDonough, released new information covering these points at last week’s Bank of America Securities Summit.
@RivianUpdates initially reported the tsunami of Rivian announcements on Twitter in a lengthy thread covering the numerous statements. Still, they can essentially be boiled down to three main points, R1 production updates, the Van production ramp, and R2 updates, along with a couple of minor updates.
Rivian’s CFO revealed a TON of important information via BofA Securities Summit: $RIVN ?#Rivian @Rivian @RJScaringe
• Rivian anticipates achieving a POSITIVE gross profit by H2 of 2024
• Rivian is aiming to build 85K R1s in 2024.
• R2 production capacity will be 200K units… pic.twitter.com/YZiyz02aUN
— Rivian Updates (@rivianupdates) April 7, 2023
R1 Production Updates:
Perhaps the most notable announcement from the BofA summit is the news regarding the company’s premier truck offering, the R1 lineup. Foremost, Rivian remains on track to achieve profitability by the second half of 2024, motivated essentially entirely by R1 and van deliveries. Further, while McDonough did not disclose the total number of backlog orders, the company anticipates completing all of its pre-March price increase orders by mid-2023. It has a backlog extending “well into 2024” with orders from after the price increase.
On top of this sales success, Rivian is learning some surprising things about its newest customers, primarily their price point. Rivian’s CFO notes that the automaker has seen the average purchase price of its trucks steadily increase, indicating that more premium buyers are coming to the automaker, who are typically more willing to purchase the optional add-ons. However, following these comments, the company executive noted that Rivian does not currently plan to increase the base price of its R1 vehicles.
Looking to the future of the R1 vehicles, the CFO notes that Rivian plans to produce 85,000 vehicles annually by 2026, a production number that the automaker has previously stayed tight-lipped about.
R2 Design and Production Updates:
As the Rivian R1 vehicles have continued to age, the anticipation for the company’s next generation “R2” trucks has built. And while Rivian CEO RJ Scaringe has noted the business plans to make the upcoming truck a more affordable model, other details have yet to be revealed.
Most surprising to investors was the CFO’s bold estimation of R2 production, which is anticipated to begin in the 2025-2026 timeframe. Rivian aims to produce 200,000 R2 trucks during 2026 and will then seek to double that number as its next production goal, though a timeframe for that upgrade was not shared.
Regarding the upcoming truck’s market position, sadly, Rivian remains secretive. However, the CFO noted that the new vehicle would aim to compete with other luxury volume sellers like the Tesla Model Y. With this information, many now anticipate the truck to start at around $40,000.
Finally, Rivian’s CFO pointed out that R2 aims to be both a volume seller and a global vehicle, meaning it will be available in numerous markets. Currently, Rivian has been supply constrained and hence, a strictly North American brand, but that may change in the near future, with Europe likely being the company’s next target.
Electric Delivery Van Announcements:
Despite Amazon’s recent announcement that it would be decreasing the number of vans it would be buying this year, Rivian remains entirely focused on the production ramp of its offering. One of Rivian’s top priorities has been the production of its Electric Delivery Van (EDV), which has been taking the streets of the United States by storm. Highlighting this focus, the company CFO noted that the van takes “enduro-motor” priority over the dual-motor R1 vehicles. Moreover, the van received two notable production upgrades in Q1 of this year, integrating the new motor and Rivian’s new LFP battery pack.
Other Announcements:
Besides these amazing announcements on its most exciting products, Rivian also revealed updates coming to its Adventure Network charging infrastructure. To aid its rapid development, Rivian will now be looking to join the “Federal Charging Fund” in the United States, making it eligible to receive incentives from the federal government to place its charging network. However, as a result, Rivian will be forced to open its network to other EVs. Nonetheless, with the feds willing to put up as much as 80% of the cash required for installation, many would consider Rivian foolhardy to decline the offer.
What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!
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SpaceX just locked up a NASA record no other U.S. spacecraft can touch
SpaceX’s Crew-13 Dragon reached the ISS in under eight hours, and NASA confirmed a record.
SpaceX now owns every spot on the list of the five fastest trips a U.S. spacecraft has ever made to the International Space Station, and its newest entry beat the old mark by more than four hours.
Crew Dragon Grace docked to the forward port of the station’s Harmony module at 7:05 p.m. ET on October 1, just 7 hours and 55 minutes after lifting off from Space Launch Complex 40 at Cape Canaveral. NASA confirmed the milestone in a space station blog update, writing that the flight “marked the fastest launch‑to‑docking of a U.S. spacecraft in the history of the International Space Station.”
The previous U.S. record also belonged to Dragon. SpaceX’s uncrewed CRS-31 cargo mission reached the station in a little over 12 hours in November 2024. The fastest crewed trip before last week was Crew-11, which took 14 hours and 43 minutes in August 2025, according to Space.com.
A post that Elon Musk reposted on Monday filled out the rest of the ranking. Behind Crew-13, CRS-31 and Crew-11 sit Axiom’s Ax-2 mission at 15 hours and 35 minutes and NASA’s Crew-4 at 15 hours and 44 minutes. All five flew on Dragon.
SpaceX turned a heralding moment for Starship into its greatest
Crew-13 carried NASA astronauts Jessica Watkins and Luke Delaney, Canadian Space Agency astronaut Joshua Kutryk, and Roscosmos cosmonaut Sergey Teteryatnikov. NASA had projected a docking around 8 p.m. ET, as Teslarati reported the day before launch, and Dragon arrived nearly an hour early. Our launch day coverage noted that the flight was lined up to be the quickest Crew Dragon transit yet.
The speed came from timing more than hardware. SpaceX’s Julianna Scheiman said the station “was in an opportune spot in space,” which let Dragon start closing the gap almost immediately after reaching orbit. “This is close to the fastest it could be,” she added. Most Crew Dragon flights still take close to a day, using a series of Draco thruster burns to raise and phase their orbit before arrival.
Dragon’s next job at the station is a departure. NASA said Monday it is targeting 8:05 a.m. ET on Wednesday, October 7, for Crew-12 to undock, setting up a splashdown off the coast of California around 11:34 a.m. on Thursday. Clearing that port makes room for CRS-35, a cargo Dragon carrying the final set of iROSA solar arrays.
Dragon remains NASA’s only operational ride to the station while Boeing’s Starliner stays grounded, and the agency recently added Crew-15, Crew-16 and Crew-17 to SpaceX’s contract in a $946 million modification.
Elon Musk
Elon Musk teases TSMC as potential Terafab partner
Elon Musk has acknowledged that early discussions with Taiwan Semiconductor Manufacturing Company (TSMC) could bring the company into his ambitious Terafab semiconductor project, signaling a possible partnership with the world’s leading contract chipmaker.
Musk confirmed that early talks are underway, but as of right now, they are “just discussions.” There is no confirmation of a deal nor dismissal of the possibility of one, leaving open the prospect of one of the largest advanced-chip collaborations under discussion in the U.S.
@wholemars Just discussions, but something may come of it
— Elon Musk (@elonmusk) October 3, 2026
The report that speculated on potential discussions between Terafab and TSMC comes from Tim Culpan, who outlined a few ways the collaboration could operate. One is TSMC using the project as an “anchor customer” for future facilities in Texas, potentially contributing process expertise, operational know-how, or capacity while Terafab provides capital, long-term purchase commitments, or both.
Tesla and SpaceX jointly developed the Terafab project, with Intel already participating on the tech side. Elon Musk announced the project in March, and it intends to produce more than one terawatt of AI compute capacity annually once fully built.
Company statements place the first phase at approximately $16.8 billion in cost, with later filings pointing to a total that could reach well into the tens of billions across multiple stages.
Intel joined the effort in April 2026 and is expected to supply its 14A manufacturing process for the full-scale plant.
Musk has said existing suppliers, including Samsung and TSMC, remain important for near-term needs; Tesla already has production arrangements with Samsung for AI5 and AI6 chips, but that future demand from Optimus robots, Cybercab vehicles, and planned space-based data centers will eventually exceed what the global industry can currently deliver.
Terafab is positioned as the long-term answer to that projected shortfall, and Tesla did something similar during COVID to avoid a chip shortage. This is just a much larger-scale solution.
If the partnership were to materialize, it would add TSMC’s industry-leading strategies to a project that already combines Tesla’s and SpaceX’s capital and offtake with Intel’s process technology. For now, the only public confirmation is Musk’s brief acknowledgement that conversations are occurring.
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Tesla reveals early Robotaxi charging strategy, showing scrappy DNA
Tesla’s early strategy for charging units operating within its Robotaxi fleet reveals that the company surely has not lost any of that scrappy DNA that took it from an unlikely success story to the most valuable carmaker in the world.
An observer at a Tesla Supercharger in Austin spotted ten total Robotaxi vehicles arrive: one Cybercab and nine Model Y units. A Tesla employee was waiting at the lot and allowed each unit to park itself; every car that arrived had nobody in it.
Tesla wins FCC approval for wireless Cybercab charging system
The Tesla employee would walk around and plug each car in, adjusting the parking if needed:
So look at what I found. This is how Tesla charges unsupervised robotaxis at a public supercharger. Here is a driverless Cybercab showing up with no one in it. There are 9 other Model Ys that showed up too. A Tesla employee is walking around and plugging each of them in. She also moves the cars if they are not positioned well enough to charge. I love this process. One person charges multiple robotaxis at once
— Abhimanyu Yadav (@WorldlyReviewer) October 3, 2026
It’s a very interesting strategy, but extremely understandable at this early point in the Robotaxi program. It’s only been out for about 15 months, and Cybercab just entered the fleet in early September.
On top of that, Tesla is still working tirelessly on its wireless charging apparatus, and a new patent was just published regarding that product last week.
However, this is just another example of how Tesla still has plenty of that scrappy DNA leftover from the “production hell” days, when CEO Elon Musk slept on the floor of the factory, employees were working crazy hours, Tesla was building Sprung Structures to build cars in, and the company was tiptoeing on the brink of bankruptcy.
@Teslarati Sheer magnitude of the entire production system is hard to appreciate. Almost every element of production is >75% automated. Only wire harnesses & general assembly, which are <10% of production costs, are primarily manual.
— Elon Musk (@elonmusk) October 12, 2020
For now, Tesla is utilizing a simple system for recharging its ride-hailing vehicles, and that is a Tesla employee doing it manually until another solution presents itself. Sure, it’s not the most high-tech thing, and it certainly is not what people might have expected at this point in time, but it works, and it’s keeping the entire suite running.