General Motors ‘(GM) decision to invest $1 billion for EVs in Mexico instead of the United States is not the “EV leadership” that America needs. President Biden heaped a lot of syrupy sweet praise on the automaker for “electrifying the automotive industry” although we all know it was Tesla and not GM.
The president also hyped up GM for creating only 4,000 American jobs (Tesla created over 100,000 jobs) and investing $7 billion.
GM’s $1 Billion Investment In Mexico
GM announced that it will produce its new Chevy Blazer EV in Mexico. Recently, the automaker unveiled the Chevy Blazer which will be available by Fall 2023. Earlier today, Reuters reported that GM will produce the 2024 Chevrolet Blazer EV at Ramos Arizpe in Mexico.
According to the article, GM will build the 2024 Chevrolet Blazer EV at a plant in Ramos Arizpe and that it will be ready to be sold in Mexico by the end of 2023.
The Detroit News reported that United Auto Workers Vice President, Terry Dittes, who is head of the union’s GM Department said that this was a slap in the face to UAW and the U.S. taxpayers.
“At a time when General Motors is asking for a significant investment by the U.S. government in subsidizing electric vehicles, this is a slap in the face for not only UAW members and their families but also for U.S. taxpayers and the American workforce.”
“General Motors automobiles made in Mexico are sold in the United States and should be made right here, employing American workers,” he added. “That is why our nation is investing in these companies. Taxpayer money should not go to companies that utilize labor outside the U.S. while benefiting from American government subsidies. This is not the America any of us signed on for. Frankly, it is unseemly.”
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GM Made A Mockery Of President Biden
Last year and earlier this year, President Biden made a point to ignore Tesla’s contributions to the EV space in favor of GM.
During the State of the Union address, President Biden praised GM for investing $7 billion into EVs and for creating 4,000 new jobs in Michigan. What he didn’t mention were the over 100,000 jobs that Tesla created for Americans. He also didn’t acknowledge Tesla’s $10 billion investment in EVs either.
In fact, it took a viral petition that my friend, Gail Alfar, and I started to encourage President Biden to acknowledge Tesla’s leadership in the EV space.
President Biden Claimed GM Was The EV Leader
In November 2019, the U.S. President toured GM’s Factory Zero and said that GM: “electrified the entire automotive industry” under CEO Marry Barra’s leadership. He added that Mary Barra electrified the entire automotive industry. This is an outright lie.
“In the auto industry, Detroit is leading the world in electric vehicles. You know how critical it is? Mary, I remember talking to you way back in January about the need for America to lead in electric vehicles. I can remember your dramatic announcement that by 2035, GM would be 100% electric. You changed the whole story, Mary. You did, Mary. You electrified the entire automotive industry. I’m serious. You led, and it matters.”
EVs, Jobs, and Lies
The idea that GM is the EV leader and is providing the most jobs in America for EVs is laughable. yet this thought was pushed by the Biden administration while trying to suppress Tesla and its actual leadership of the industry.
This hurts Tesla’s American employees. And it makes our president look foolish. Especially now that GM is going to build its newest EV in Mexico. Although $1 billion isn’t as much as the $7 billion investment, it is still investing money for EVs in Mexico and not the U.S.
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In her statement to The Detroit News, U.S. Representative Debbie Dingel emphasized that EVs must be built in the U.S. and that not one American dollar should support American jobs being shipped off to Mexico.
“Electric vehicles must be built here in America by the finest workforce in the world — the American workers. Not one American dollar should support our own jobs being shipped off to Mexico — especially when we have the workers and the technology to manufacture electric vehicles ourselves.”
“General Motors needs to reaffirm their commitment to working families now. I am focused on ensuring auto innovation and manufacturing stays in the hands of hard-working American people.”
Tesla Is The Most American-Made Vehicle
GM, in my opinion, is only making EVs because Tesla has proven that not only is it possible to mass produce them but that people want EVs. If this wasn’t the case, GM wouldn’t have crushed all of its EV1 vehicles.
If GM truly believed in EVs, there wouldn’t have been a need for Tesla to be founded. In addition to that, GM and these other automakers seem to only want to “beat Tesla.”
Tesla’s mission is completely different. Tesla is focused on accelerating the transition to sustainability.
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Teslas are the most made-in-USA vehicles
— Elon Musk (@elonmusk) July 19, 2022
I admit, I tweeted the above before coffee and forgot about it until Elon Musk replied to it. The point I was making was this: it’s not fair to Americans that GM is investing even one cent into Mexico especially since the U.S. President has been hyping it up as the job creator for the EV industry.
We all know Mexico has cheaper labor. And no offense to anyone in Mexico, but if you’re going to market yourself as an American company producing American-made EVs, then your EVs need to be American-made.
Elon Musk is right. Tesla is the most American-made vehicle. You can read more about that award here.
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Elon Musk
The Boring Company’s newest tunnel vehicle runs on Tesla parts and no one is driving it
The Boring Company’s new tunnel vehicle runs on Tesla Model 3 batteries and drive units.
The Boring Company just introduced a new piece of hardware, and it runs on parts pulled straight from a Tesla showroom. Liner Truck 3, unveiled in a post from the tunneling company’s official X account, is an all electric vehicle built around Tesla Model 3 battery packs and drive units, purpose built to move concrete tunnel segments to the boring machine face without a single person underground.
Introducing Liner Truck 3 — our latest fully electric tunnel vehicle.
– Tesla Model 3 battery and drive units
– Transports 22,000+ lb of concrete segments to the boring machine
– 28 miles of range
– 12 mph max operating speed
– Remotely piloted from Global OCC in Texas, with… pic.twitter.com/XB7FgSXnpy— The Boring Company (@boringcompany) August 7, 2026
The job itself is unglamorous but critical. Each precast segment run weighs more than 22,000 pounds, roughly the load of a full cement mixer, and Liner Truck 3 hauls that weight repeatedly between the surface staging area and wherever the Prufrock machine happens to be cutting.
The Boring Company said Liner Truck 3 is piloted remotely out of its Global Operations Control Center in Texas, extending the Zero-People-In-Tunnel approach the company has spent years building toward. An earlier version of a ZPIT liner truck was already tested at the company’s Bastrop, Texas research tunnels, and a factory tour released last month showed an employee flying a fully loaded liner truck with a PlayStation controller. Liner Truck 3 looks like the production version of that same idea, cleaned up and pushed into daily use.
The timing lines up with a company digging in more places than it ever has before. The Boring Company now has multiple Prufrock machines active or arriving in Nashville, where Music City Loop construction has been accelerating since February, and its Vegas Loop network keeps adding tunnel mileage on a near monthly basis. Every one of those projects depends on getting concrete segments to the cutting face fast enough to keep the boring machine from idling, which is exactly the bottleneck Liner Truck 3 is designed to remove.
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It also reinforces something Tesla owners have watched happen gradually across Musk’s companies: passenger car hardware finding a second life in heavy equipment. Model 3 drive units already move people through the Vegas Loop, and now the same components are hauling concrete underground in Nashville and wherever The Boring Company digs next. Whether that kind of component reuse extends further into TBC’s equipment lineup, or into other Musk owned industrial hardware, is the next thing worth watching.
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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The Boring Company’s newest tunnel vehicle runs on Tesla parts and no one is driving it
Elon Musk and SpaceX shrugs off the trading day Wall Street feared most
