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Tesla gets nod from Rivian CEO for combating ‘untruths’ about electric vehicles
The long, arduous road that Tesla traveled over the past years was recently acknowledged by RJ Scaringe, the 35-year-old CEO of electric vehicle maker Rivian. During a fireside chat at the Automotive News World Congress, Scaringe noted that his 10-year-old company aims to do to pickup trucks and off-road-capable SUVs what Tesla did to the performance and premium automotive segments. That is, he wants Rivian to disprove any untruths that are currently prevalent in the truck and SUV industry.
“I think any great brand … to build a brand that customers are going to be excited about and that customers are going to want to be part of, it has to fundamentally reset expectations. It has to disprove untruths. Tesla took the untruth that electric cars were boring and slow — that they were glorified golf carts — and they disproved that. They showed people that an electric car can be exciting and fun. What we need to disprove is that an electric vehicle can’t get dirty, and that an electric vehicle can’t be rugged, and an electric vehicle can’t go off-road and take your family places, and that an off-road vehicle can’t be good on-road,” he said.
Rivian’s first two vehicles, the R1T pickup truck and the R1S SUV, seem perfectly capable of playing the part. Rivian impressed the EV community and the auto industry when it emerged after 10 years of operating on stealth mode. Both vehicles are well-rounded and refined, created through years of work by a team that included alumni from McLaren (yes, that McLaren). Both have four electric motors that provide immense power and torque, both offer range of over 400 miles per charge, and both are built with intelligent driver-assist features that can transition into full self-driving in the future. During the R1T’s unveiling last November at the historic Griffith Observatory in Los Angeles, Rivian’s intentions of tapping into the premium EV market were evident.
During his recent fireside chat, Scaringe mentioned that the market Rivian is going for are people who own adventure vehicles and luxury vehicles. In a later statement, Scaringe expressed a point related by Elon Musk during the days of the original Roadster, when he noted that the small, two-door high-performance sports car should perform on the same level as the best fossil fuel-powered cars around. For Scaringe, this same point stands true for the R1T and the R1S.
“We want to get the guy who already has a Range Rover sitting next to a Tesla [in the garage], or the [Jeep] Wrangler sitting next to the [BMW] i3, and grab them with something that was just completely different than what they thought was possible. It will be the best-driving truck or SUV in the world. It must be, because if it’s not, why would somebody pick us over a Ford or over a BMW?” he said.
For now, though, Scaringe noted that Rivian is determined to learn from the experiences of companies like Tesla, while integrating concepts from established automakers such as GM and Toyota. With the successful unveiling of its first vehicles, after all, Rivian is about to tackle one of the hardest parts of being an automaker — actually building cars.
“We do recognize the complexity of assembling and putting vehicles together, of managing a very complex supply chain and logistics network, and we’re very [cognizant] of the nuts and bolts, and of the need to follow a proper process to ensure that, when we launch the vehicle, it can be launched with as few problems, errors, and challenges as possible,” Scaringe said.
When Elon Musk wrote his Master Plan Part Deux, he openly admitted that it is very difficult to become successful in the United States’ auto market. Considering the number of automakers that have gone under, Musk lightly noted that starting a car company is downright idiotic, and starting an electric car company is “idiocy squared.” As foolhardy as the venture might have been, though, Tesla has thrived, driven by an ever-increasing demand for its premium electric cars and energy storage products. The Model 3, the company’s most affordable vehicle to date, has been making a dent in the US’ auto market, becoming the overall best-selling luxury car in the country last year.
It has not been easy for the Silicon Valley-bred carmaker. The Model 3 ramp, for one, is described by Elon Musk as one of the most difficult periods of his career. Musk bet Tesla’s future in the electric sedan, and it took longer than expected to reach the company’s self-imposed production targets. Nevertheless, since hitting its goal of producing 5,000 Model 3 per week at the end of Q2 2018, Tesla has steadily improved its footing with the electric car’s production. In Q3 2018, Tesla even posted a profit. The fourth quarter of 2018 might be just as successful.
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If Rivian’s strategy so far is any indication, though, the company stands a good chance of avoiding some of the challenges faced by Tesla during the ramps of the original Roadster, the Model S, X, and 3. Rivian, for one, has already secured a facility in Normal, Ill. The company is also working closely on the development of its vehicles’ battery packs. Apart from this, Rivian is also consulting the veterans of the auto industry. In his recent appearance at Autoline After Hours, for one, auto teardown specialist Sandy Munro, who conducted a thorough analysis of the Tesla Model 3, mentioned that Rivian is one of his firm’s clients.
SpaceX stock did the opposite of what most of Wall Street expected this week, when the day designed to be its most dangerous turned into a rally, and the rally kept going.
Thursday marked the first major lockup expiration since SpaceX’s June IPO, making roughly 911.5 million insider held shares eligible to trade for the first time, more than doubling the company’s public float. Analysts and short sellers had spent weeks bracing for a flood of selling, especially after the stock fell 13 percent following its first earnings report as a public company on Tuesday. Instead, shares rose 6.1 percent Thursday to close at $114.92, and by Friday they were trading near $129, up more than another 12 percent on the day.
SpaceX shorts get warned by Musk ally, echoing Tesla’s early struggles
The setup made the outcome notable. Short interest had climbed to roughly 34 percent of the float heading into earnings, among the highest of any large cap stock, with about 95 percent of available shares to borrow already on loan. CEO Elon Musk warned short sellers twice in the weeks before the lockup, writing on X that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” then following up on the morning of earnings with “I try to warn them, but they just double down.”
When the newly unlocked shares hit the market and the selloff never showed up, some of that short position appears to have started unwinding. TipRanks reported that options activity shifted toward bullish strategies like put selling and risk reversals following the rally, with roughly $600 million in options premium trading Thursday alone. Retail buyers also stepped in during the earnings dip, according to Vanda Research.
The fundamentals behind the stock have not changed much in a week. SpaceX’s revenue nearly doubled year over year to $7.8 billion, with Starlink subscribers doubling to 12 million and the company’s AI segment growing 247 percent. What spooked investors on Tuesday was the spending side. Capital expenditures jumped to more than $18 billion for the quarter, up from $2.8 billion a year earlier, with AI investment alone rising from $749 million to $15.8 billion. Wall Street remains split on whether that spending is building infrastructure SpaceX needs or outrunning what the business can currently support, a debate Teslarati has tracked since shares first came under pressure.
None of that resolves the bigger question hanging over the stock. Thursday’s release was only the first of nine staggered lockup tranches, with roughly $800 billion worth of additional shares scheduled to become eligible through October, and Musk’s own stake stays locked until next June. If this week is any indication, the market is treating that supply as something it can absorb rather than something to fear, at least for now.
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News
The Boring Company’s newest Vegas Station has a permit quietly waiting behind it
Sahara Las Vegas opened a new Vegas Loop station, joining an exclusive two resort transit club.
Sahara Las Vegas opened a new Vegas Loop station Thursday, giving The Boring Company’s underground transit system its northernmost stop yet on the Strip. The station sits at Sahara’s Paradise Road entrance, on the southeast corner of Las Vegas Boulevard and Sahara Avenue, and connects riders to the Las Vegas Convention Center, other Strip resorts on the network and, eventually, Harry Reid International Airport.
The addition makes Sahara the second resort, after Fontainebleau opened its own station in January, to get a stop built at street level rather than tucked into the property itself. Sahara now joins Westgate as the only two Strip resorts offering both a Vegas Loop station and a stop on the Las Vegas Monorail, giving guests two separate ways to get around without leaving the property.
The Boring Company just doubled its tunneling power in Nashville
The bigger news buried in Thursday’s announcement is what comes next. Boring Company has already secured its first permit to tunnel north of Sahara Avenue, extending the network beyond where it currently ends, even though permits to push the Loop toward downtown Las Vegas still haven’t been granted. Crews are also working on a two mile dual tunnel line running from Westgate to a planned station at 4744 Paradise Road, just north of Tropicana Avenue, that Las Vegas Convention and Visitors Authority CEO Steve Hill has said the company hopes to open in time for November’s Las Vegas Grand Prix.
Ridership has grown alongside the buildout. The Loop moved roughly 82,000 passengers during CONEXPO in early March, a total the company highlighted on its own X account at the time, and the system has now carried more than 4 million passengers through 11 open stations since it began running in 2021. The airport connector tunnels, meant to give the Loop a direct link to Harry Reid, have slipped past their original first quarter target and remain under construction, with Boring Company director Mike Baier saying that a full opening is still a few months out.
For Sahara, the calculation is straightforward. Convention traffic drives a large share of Loop ridership, and a station at the property’s front door gives conventiongoers one more reason to book rooms on the Strip’s north end instead of closer to the convention center itself.
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Elon Musk
Tesla’s mysterious Robovan makes a sneak peek with Optimus in Terafab video
Elon Musk shared a new Terafab video showing Optimus, Robovans, and a stunningly futuristic campus.
Elon Musk posted a new video of Terafab on X Thursday morning, and the most eye-catching details in it were not the building itself, but two products still awaiting production: Optimus and the Robovan.
The concept render, credited to SpaceX, shows Optimus robots working the grounds of the roughly 2.5-mile-long facility planned for the Gibbons Creek site in Grimes County, while a Robovan glides along an elevated roadway cutting through the building itself, sharing the frame with a Tesla Semi and a Cybercab.
Robovan is the boxy, driverless people and cargo mover Musk unveiled alongside Cybercab at Tesla’s “We, Robot” event in October 2024. He pitched it as a way to move up to 20 passengers at once, or handle freight instead, at a target cost he claimed could fall under a dollar a mile, with no steering wheel or pedals, the same layout as Cybercab. Nearly two years later, Robovan still has no confirmed production timeline and has not shown up in any factory footage, which makes Thursday’s render one of the only recent looks at the vehicle in any form.
Terafab Texas will be the largest and most valuable building on Earth by far.
And it will be stunningly beautiful. pic.twitter.com/4NweOqTL7y
— Elon Musk (@elonmusk) August 6, 2026
Optimus has moved further along. Tesla began converting Fremont’s old Model S and Model X assembly line into a Gen 3 Optimus production line earlier this year, and Musk visited the site on July 1 to mark the changeover. A second, larger Optimus plant is under construction at Giga Texas, targeting volume production in summer 2027 and eventual capacity of 10 million units a year. Tesla AI lead Ashok Elluswamy said this month the robot has “big shoes to fill” in replacing the S and X line, while Musk has repeatedly called Optimus the company’s biggest product of any kind, with a long-term price he has pegged between $20,000 and $30,000.
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Check out the “Robovan” from @Tesla
📸: @Teslarati pic.twitter.com/D4es2i9NUe
— TESLARATI (@Teslarati) October 11, 2024
“Terafab Texas will be the largest and most valuable building on Earth by far,” Musk wrote alongside the clip. “And it will be stunningly beautiful.”
One quote post summed up the reaction: “Futuristic scene with RoboVan + Cybercab + Tesla Semi + Optimus.”
Beyond the vehicles, the architecture wrapped around them stands out too. The building’s facade is canted at sharp angles, with illuminated horizontal bands running through what appears to be a multi level interior visible from outside. Below the elevated roadway, pedestrians walk along a plaza next to a reflecting pool, and the skyline behind the campus is dotted with angular spires that read more like sculpture than infrastructure, a departure from the strictly utilitarian look of Gigafactory Texas or Starbase.
The timing tracks with what Terafab representative Riley Trennell told Grimes County residents on Wednesday, when he said renderings of the facility would be released “within days.” Musk’s post followed less than 24 hours later, and Texas Governor Greg Abbott’s office sent out its own release Thursday confirming the project. As Teslarati reported this morning, Terafab’s tax abatement agreements with Grimes County are now signed and active, and SpaceX has sent the county its first $10 million payment under that deal. The dollar figure tied to this phase of construction, per Reuters, is $16.8 billion, one of the first hard capital expenditure numbers attached to Terafab since Musk unveiled the joint Tesla-SpaceX-xAI venture in March.Reaction on X ranged from enthusiastic to skeptical. “God Bless Texas! Everything is bigger and better in Texas!” one reply read. Another was more measured: “Terafab in a decade…..”
Whether the finished building matches the render is a separate question from whether Musk wanted people talking about the render itself. Less than a day after posting, the video had already crossed 5.5 million views.
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Elon Musk and SpaceX shrugs off the trading day Wall Street feared most
The Boring Company’s newest Vegas Station has a permit quietly waiting behind it
