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Boring Company Las Vegas Convention Center Loop to welcome its first visitors in June

(Credit: Las Vegas News Bureau/Las Vegas Convention and Visitors Authority)

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The Las Vegas Convention and Visitors Authority (LVCVA) announced that The Boring Company’s Las Vegas Convention Center (LVCC) Loop is operational and expects to welcome its first visitors in June 2021.

According to a press release shared with Teslarati, the LVCC Loop will be transporting people attending the World of Concrete event, holding exhibits at the Las Vegas Convention Center from June 8-10 later this year.

“We are excited to have partnered with Elon’s company to bring this transportation ‘first’ to our valued convention customers,” said Steve Hill, LVCVA president and CEO. “The expanded Loop system, when developed, will be a game-changer and a new ‘must experience attraction for our visitors.”

(Credit: Las Vegas News Bureau/Las Vegas Convention and Visitors Authority)

The Boring Company built two one-way tunnels stretching .8 miles and three passenger stations, connecting the convention center’s existing campus to the newly constructed West Hall expansion. The people mover can whisk up to 4,400 visitors per hour in just under two minutes. The entire ride is free of charge and takes place inside Tesla vehicles traveling only 35 to 40 mph due to the short length of the tunnels. All the cars will be operated by drivers until they can be autonomously driven. The LVCVA Board expects autonomous operations with Tesla vehicles by December 31, 2021.

“We’re grateful to LVCVA and all local stakeholders for providing us the opportunity to construct our first commercial project in one of the world’s most dynamic destinations,” said Steve Davis, President of The Boring Company. “We are proud to have developed and delivered an exciting transportation solution to the Las Vegas Convention Center.

The LVCC Loop will be the Boring Company’s first operational project. Las Vegas has shown full support for the project throughout its construction. The LVCC Loop has become the company’s proof-of-concept for Florida mayors considering tunneling projects in their cities.

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Boring Company received unanimous approval from the Las Vegas City Council for its Vegas Loop project, too, so it isn’t done with Sin City just yet. The Vegas Loop will reach much farther than the LVCC Loop and connect several popular tourist destinations in the city.

(Credit: Las Vegas News Bureau/Las Vegas Convention and Visitors Authority)

Do you have anything to share with the Teslarati Team? We’d love to hear from you, email us at tips@teslarati.com or reach out to me at maria@teslarati.com.

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Elon Musk

Tesla rolls out Steer-by-Wire improvements to Cybertruck

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Credit: Weibo (via YYDS on X)

Tesla is rolling out some improvements to the Steer-by-Wire system on Cybertruck, which is one of the features exclusive to the vehicle as it is not active on any other vehicle in the company’s all-electric lineup.

Steer-by-wire is a steering system that turns the direction of wheels mechanically. It differs from vehicles with typical electric power steering systems in the way that those rely on the steering wheel column to transfer steering torque to the wheels.

There are a handful of EVs that use steer-by-wire, including the Cybertruck, Hummer EV, and Silverado EV. The latter two use a traditional steering column and only have steer-by-wire on their rear wheels, so they differ from the system the Cybertruck uses.

Credit: Tesla

The system has made the massive Cybertruck have better steering, and although its size is large, it is one of the easier Tesla vehicles to steer through tight spaces — granted you have the room.

Tesla is making an improvement to the system, according to a new update that will roll out in the 2025.8.4 Software Update as the steering wheel is now going to give more realistic feedback by adapting to road surfaces, the company said (via Not a Tesla App):

“The steering wheel now gives you more realistic feedback, adapting to different road surfaces for a better driving experience.”

This feature will work alongside another improvement as the Cybertruck’s air suspension ride height is now adjustable through the Tesla App.

Tesla Cybertruck steer-by-wire system helps avoid potential collision

The changes from the update, in terms of the more realistic feedback, will improve the overall feel of the road for drivers, making for a better driving experience.

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News

Rivian startup spinoff raises $105M in funding for micro EV production

Meet Also, Rivian’s micro EV spinoff, now a full-fledged startup with $105M in funding. It’s adapting Rivian’s tech for compact EVs.

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(Credit: Rivian)

Rivian’s skunkworks program has turned into a full-blown startup called Also. The new startup, which is separate from Rivian, raised $105 million from Eclipse Ventures. Also will focus on micromobility or the development of micro electric vehicles.

Also started within Rivian, aiming to figure out if the electric vehicle company’s technology could be condensed to fit smaller EVs, including vans, trucks, and SUVs. Eventually, the skunkworks program discovered it could, indeed, fit Rivian’s technology in smaller, more compact electric vehicles, but the project was bigger than Rivian.

“We’ve been taking the Rivian technology stack and adapting it to much smaller form factors and then coming up with some incredibly exciting embodiments of that technology in these very small form factors,” Rivian CEO RJ Scaringe told Reuters.

Rivian will always be part of Also. It holds a minority stake in Also and Rivian’s VP of future programs, Chris Yu, will be the startup’s president.

According to Scaringe, Also plans to debut its first vehicle designs later this year. One of the designs seems to be a bike, as Scringe described it having a seat, two wheels, and a screen with a few computers and a battery.

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Also aims to start producing its flagship product by 2026 for customers in the United States and Europe. In addition, it plans to launch consumer and commercial vehicles made for Asia and South America.

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Investor's Corner

Financial Times retracts report on Tesla’s alleged shady accounting

“Turns out FT can’t do finance,” Tesla CEO Elon Musk quipped on X.

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Credit: Tesla Asia/X

The Financial Times has issued a retraction for an article it recently published that accused the electric vehicle maker of shady accounting practices.

The FT’s retraction has been appreciated by the electric vehicle community in social media, though many highlighted the fact that the publication’s initial erroneous allegations have already been spread across numerous other media outlets.

The Allegations

In an article published on March 19, the Financial Times pointed out that if one were to compare “Tesla’s capital expenditure in the last six months of 2024 to its valuation of the assets that money was spent on,” “$1.4 billion appears to have gone astray.”

The FT article highlighted that Tesla reported spending $6.3 billion on “purchases of property and equipment excluding finance leases, net of sales” in the second half of 2024. However, in that period, the company’s property, plant, and equipment only rose by $4.9 billion. As noted by members of the r/Accounting subreddit, this appeared to be the basis of the FT‘s article, which seemed careless at best.

Unfortunately, the publication’s allegations were quickly echoed by other news outlets, many of which proceeded to accuse Tesla of implementing shady accounting practices.

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The Retraction

In its retraction, the Financial Times explained that Tesla’s payments for assets already purchased and the possible disposal of depreciated property could help explain the alleged discrepancy in the company’s numbers. With these in consideration, the publication noted that the “crack we’re left with at Tesla is now small enough — just under half a billion dollars — to be filled with some combination of foreign exchange movements, non-material asset write-offs, or the sale of machinery or equipment close to its not-fully depreciated value.”

“As we sound the Alphaville bugle while lowering this particular red flag, one unavoidable conclusion is that at a certain point it’s necessary to trust the auditor’s judgment,” the publication noted.

Tesla CEO Elon Musk has responded to the Financial Times‘ retraction, commenting, “Turns out FT can’t do finance” in a post on social media platform X.

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