Connect with us

News

Boring Co. Vegas Loop expansion looms as LV monorail files for bankruptcy

Credit: Mark Damon/Las Vegas News Bureau

Published

on

The Boring Company, an entity owned by Elon Musk, is poised to have its Las Vegas Convention Center loop expanded to more portions of the Sin City after the area’s monorail filed for bankruptcy. The monorail is responsible for transporting residents and tourists around Las Vegas from different points of interest, but it has not been operational since March 18th.

Ever since the COVID-19 pandemic began in early 2020, public transit systems have experienced a large-scale dropoff in ridership. The organization is also facing increased costs in sanitizing and cleaning its buses and trains. Since large gatherings are prohibited in many areas, some public transit options are not available, which has hit the Las Vegas monorail hard in a financial sense.

As a part of the bankruptcy filing, the Las Vegas Convention and Visitors Authority has agreed to purchase the monorail for $24.3 million, according to KTVS News.

The monorail is 3.9 miles long and operated for the first time in 2004. It carries five million riders a year, the LVCVA said. However, it is missing significant points of interest, like McCarran Airport, which has attributed to its mediocre success, Vice President of the Monorail Society, Keith Walls, said.

The LVCVA plans to continue to operate the monorail if the deal goes through, but it could mean the Boring Company project is set for a major expansion.

Advertisement

The purchase of the monorail by the LVCVA would remove restrictions on where the Boring Company loop could operate. As of right now, there are restrictions as the monorail has non-compete rights, which limit the areas where the Loop can operate.

As of right now, the Boring Company tunnel, known as the Las Vegas Convention Center loop, is under construction, and operation is “only a few months away,” according to Musk. The Loop is expected to be operational in January 2021.

Elon Musk’s Las Vegas Boring Company tunnels ‘only a few months away’ from operation

Interestingly enough, the LVCVA was the entity that approved the contract and accepted the Boring Company’s $52.5 million bid for an underground loop that will move around 4,000 people per hour. It will also cut down a 15-minute walk into a two-to-three-minute ride.

As of right now, the LVCC loop will transport people from the Convention Center across its massive campus. However, there are plans to extend the Loop onto the Vegas Strip along with other points of interest. These include a majority of notable Vegas hotels and the McCarran Airport at the bottom of the Strip.

Advertisement

However, the Boring Company’s plans do not stop there. According to the map for the potential expansion, the tunnel could extend to Los Angeles, and a Boring Company tent was spotted at a location between the two cities that hints toward ongoing testing for the massive tunnel.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

Advertisement
Comments

News

Why Tesla’s Q4 performance could shock many after incredible Q3

There is still some residual impact to be felt as we enter Q4, and there is a potential shock coming to many investors as it could be stronger than what many think:

Published

on

Credit: Tesla

Tesla reported vehicle deliveries and energy deployments for the third quarter of 2025 today, blowing analyst estimations from Wall Street firms completely out of the water with its strongest three-month performance in company history.

The strong performance, which resulted in nearly half a million vehicle deliveries in the quarter, was largely driven by the momentum of the EV tax credit, which expired at the end of September, marking the end of the $7,500 discount that was previously available.

Tesla hits record vehicle deliveries and energy deployments in Q3 2025

This was a massive contributor to Tesla’s record-high in vehicle deliveries, as consumers rushed to take advantage of the credit.

There is still some residual impact to be felt as we enter Q4, and there is a potential shock coming to many investors as it could be stronger than what many think:

Advertisement

EV Tax Credit Deliveries Will Continue Through Q4

Despite the credit’s expiration, people will still be able to take advantage of it because the IRS changed the rules mid-quarter.

Prospective buyers can utilize the credit after September 30 if they place an order for an EV and make a marginal payment on the car.

Tesla’s $250 order deposit qualified as the marginal payment, so as long as the order was submitted before the end of the day on September 30, they could still take delivery in Q4 or even Q1 and still take advantage of the credit.

Tesla set to win big after IRS adjusts EV tax credit rules

With the Model Y Performance launching in the U.S. on September 30, that undoubtedly contributed to some orders. However, there are likely many people who ordered in the latter portion of Q3 and have not yet taken delivery. These will all contribute to Q4 delivery figures.

Advertisement

Seasonal Holiday Boost

Tesla traditionally has its strongest quarters in Q4, as the company typically introduces initiatives such as price cuts, incentives, and other offers to close out the year strong.

Car buyers are more likely to jump at these offers as well, as gifts for either themselves or others. What Tesla does in the final quarter of the year is usually boosted by whatever types of offers it can make.

Affordable Model Production Ramp

Tesla is likely preparing for the launch of its affordable model, which is essentially a stripped-down Model Y.

Some rumors have been circulating within the community, indicating that the company is nearing the sale of this vehicle, which is coded within Tesla’s website as the “Model Y Standard.”

If Tesla is able to lock in some good pricing on its affordable model, Tesla could see its quarterly figures return to QoQ growth, something that the company has not had in a few years.

Advertisement
Continue Reading

News

Tesla hits record vehicle deliveries and energy deployments in Q3 2025

As per Tesla’s Q3 2025 vehicle delivery and production report, the bulk of the company’s numbers came from its mass-market lineup.

Published

on

Tesla (NASDAQ:TSLA) reported record-breaking results for the third quarter of 2025, producing 447,450 vehicles and delivering 497,099 units worldwide. 

The company also deployed 12.5 GWh of energy storage products, setting a new record in its fast-growing energy business.

Model 3/Y domination

As per Tesla’s Q3 2025 vehicle delivery and production report, the bulk of the company’s numbers came from its mass-market lineup. The Model 3 sedan and Model Y crossover accounted for 435,826 units produced and 481,166 delivered in the quarter. This is quite impressive considering that both the Model 3 and Model Y are still premium-priced vehicles with numerous competitors that are significantly more affordable.

Other models, including the Model S, Model X, and Cybertruck, contributed 11,624 vehicles produced and 15,933 delivered. Beyond vehicles, Tesla’s energy business posted its best quarter to date, deploying 12.5 GWh of storage systems.

Credit: Tesla

Q3 2025 earnings call date

Tesla’s third-quarter results are extremely impressive, and they exceed Wall Street’s estimates by a significant margin. As per Benchmark analyst Mickey Legg, who had a delivery estimate of 442,000 vehicles in Q3, Wall Street consensus was at 448,000 units. Even more optimistic analysts estimated that Tesla would only post deliveries in the mid-460,000s.

Investors will gain further insight later this month when Tesla reports full financials for the quarter. The company will release Q3 2025 earnings after market close on October 22, followed by a Q&A webcast at 4:30 p.m. Central Time.

Advertisement
Continue Reading

Elon Musk

Elon Musk is halfway towards becoming the world’s first trillionaire

Musk’s fortune remains heavily tied to Tesla, which has rallied nearly 100% since April.

Published

on

Credit: Tesla Manufacturing/X

Elon Musk has reached a new milestone by becoming the first individual in history to achieve a net worth of $500 billion. ForbesReal-Time Billionaires tracker confirmed the record Wednesday afternoon after Tesla stock gained nearly 4%, adding an estimated $9.3 billion to Musk’s net worth in a single day. 

He now sits more than $150 billion ahead of Oracle co-founder Larry Ellison, whose net worth also stands at a very impressive $350 billion.

Tesla stock leads wealth surge

Musk’s fortune remains heavily tied to Tesla, which has rallied nearly 100% since April, when the CEO announced he would step back from outside roles to focus more on the EV maker. The company’s market capitalization is back within 10% of its all-time peak, lifting the value of Musk’s 12% stake to about $191 billion. 

Beyond this, his 2018 compensation package, which was rescinded by a Delaware judge last year but is still under appeal, could unlock additional stock worth more than $130 billion if reinstated, Forbes noted. Investors see Musk’s refocused leadership as a stabilizing force for Tesla as it pursues ambitious global growth. Tesla has also proposed a new compensation plan for Musk that could bring the company’s market cap to $8.5 trillion and add an additional $900 billion to the CEO’s net worth. 

SpaceX and xAI boost portfolio value

While Tesla drives much of his wealth, Musk’s stakes in SpaceX and xAI have added significant upside to his net worth. SpaceX, his private rocket company, recently hit a $400 billion valuation in a private tender offer, valuing Musk’s 42% stake at $168 billion. Meanwhile, xAI Holdings, which merged with social platform X earlier this year, is worth an estimated $113 billion, giving Musk another $60 billion on paper. 

Advertisement

These ventures, combined with Tesla’s resurgence, have pushed Musk’s net worth past the half-trillion-dollar mark and highlighted his reach across multiple industries, from clean energy to space, artificial intelligence, brain implants, and tunneling.

Continue Reading

Trending