Gary Zhou 
Key Points
- 🏢 Rivian plans to open its first showroom in Chicago’s Gold Coast neighborhood, targeting luxury lovers.
- 🌆 The Gold Coast area is known for its upscale homes, high-end boutiques, and celebrity-favored restaurants.
- 🚗 Rivian aims to provide customers with an off-roading, outdoor experience through its R1T and R1S electric vehicles.
- 📍 Rivian’s showroom will be located at 871 N. Rush St. in Chicago’s Gold Coast area.
- 🌟 Rivian is still exploring additional options for another space in Chicago.
- 🚀 Rivian is in the process of ramping up production of its R1T pickup truck and R1S SUV.
- ⚡️ Rivian plans to adopt Tesla’s North American Charging Standard (NACS) for its vehicles.
- 🚗 Tesla has recently announced the production of the first Cybertruck at Gigafactory Texas, with significant pre-order demand.
- 📉 Tesla’s aggressive pricing strategy in the second quarter may affect its profit margin per vehicle sold.
- 📊 Tesla is expected to release its financial results for Q2 2023 on July 19, 2023.
Rivian intends to establish its inaugural showroom in Chicago’s esteemed Gold Coast neighborhood. Known for its association with luxury and refinement, the Gold Coast aligns well with Rivian’s brand aspirations.
The showroom will be situated at 871 N. Rush St., marking Rivian’s presence in the vibrant Gold Coast area. While the EV manufacturer had previously considered opening a showroom in the Fulton Market district a few years ago, the plans fell through due to undisclosed reasons. The chosen location in the Gold Coast neighborhood appears to be a more suitable match for Rivian’s image and objectives.
“The Gold Coast is a luxury lover’s haven. Charming homes on picture-perfect streets, high-end boutiques, and restaurants favored by celebrities past and present all give this neighborhood its star power,” stated Choose Chicago.
Rivian aspires to provide customers with the best off-roading, outdoor experience in the comfort of modern society through its R1T and R1S electric vehicles EVs. In the past, RJ Scaringe stated that R1 EVs would have a “Patagonia-like feel of enabling adventure.”
The Patagonia brand is well-known for providing durable equipment for outdoor explorers. A pair of shorts at Patagonia can range from $55 to $65 or more. Despite its premium price, however, Patagonia’s products are well-loved by its consumers. Statista estimates that about 15% of outdoor fashion users in the US use Patagonia products.
While Rivian’s Gold Coast showroom is already impressive, it isn’t finished with Chicago yet. In a statement to CoStar News, the company noted it was “still exploring our options” for another space in Chicago. It should be noted that Rivian already has a service center located west of Fulton Market at 2033 W. Walnut St.
Rivian is still ramping up its first two consumer vehicles, the R1T pickup truck and the R1S SUV. Plans are also underway to release the R2 platform, which is expected to be more affordable. Last month, Rivian also announced that it would adopt Tesla’s North American Charging Standard (NACS) for its vehicles. Tesla (NASDAQ: TSLA) has gone live with a link to its Q2 2023 earnings call. All eyes are on Tesla’s electric vehicle margins in the second quarter, as the company achieved record delivery numbers following the adoption of aggressive pricing strategies.
Similar to previous earnings calls, Tesla is also accepting questions from retail and institutional investors that would be asked during the session’s Q&A portion. A link to Say.com’s platform, which allows TSLA investors to post their inquiries to Tesla, is included in the Q3 2023 earnings call live-streams description on YouTube.
Tesla shares are seeing momentum this week after the company announced during the weekend that the first production Cybertruck has been manufactured at Gigafactory Texas. The Cybertruck is highly-anticipated, with estimates suggesting that the vehicle has about 1.7 million pre-orders as of earlier this year.
The electric vehicle maker’s second-quarter production and delivery results were also impressive. Tesla produced nearly 480,000 vehicles and delivered over 466,000 cars from April to June. The lion’s share of these sales were from the Model 3 sedan and Model Y crossover, the company’s two mainstream vehicles.
But while Tesla was able to sell a record number of vehicles worldwide in the second quarter, the company also adopted an aggressive pricing strategy that is expected to affect some of the company’s margins. Thus, while Tesla sold more vehicles than ever, its profit margin per vehicle sold likely declined in Q2.
Tesla is expected to post its financial results for the second quarter of 2023 after markets close on Wednesday, July 19, 2023. The actual earnings call, livestreamed in the link below, is expected to start at 4:30 p.m. Central Time (5:30 p.m. Eastern Time).
