News
Tesla Model Y taxi service might be required to buy gas cars before it can deploy EV fleet
Revel, a startup that unveiled its plans to launch a Tesla Model Y-based rideshare service in New York back in April, recently met a rather bizarre roadblock — one that could result in the company actually buying 50 gas cars before it could deploy its EV fleet.
The aspiring Model Y taxi service expected to win approval for its operations in the city because a 2018 cap on new rideshare and taxi vehicles included exemptions for electric vehicles, as well as cars that are accessible to handicapped individuals. The TLC later noted that it was pondering the elimination of the EV exemption, citing traffic concerns and congestion.
On Monday, June 21, the New York TLC issued a notice stating that it had voted to stop issuing new for-hire licenses for electric vehicles. There was a catch to the TLC’s notice, however, as the commission noted that “A public hearing was held virtually by the TLC and the rule was adopted by the Commission at the June 22, 2021 Commission meeting.”
That’s right. The New York TLC posted a notice stating that it had made a decision in a meeting that has not happened yet.
Allan Fromberg, a spokesperson for the New York TLC, simply noted that posting a final version of a planned rule change online is required by the City Administrative Procedure Act. He also dismissed concerns that the commission had already made a decision, citing issues about the past tense used in the notice as a “red herring.”
Interestingly enough, New York TLC Chair Aloysee Heredia Jarmoszuk, during an interview with the New York Post last week, stated that the agency would not bar Revel of any similar companies from entering the rideshare market in the city. She also stated that if Revel does face an unfavorable ruling, the aspiring Model Y taxi service could still launch its EV taxis if it bought 50 gas-powered vehicles, took them out of service, and replaced them with Teslas instead.
“Just because a car is electric doesn’t mean that adding more cars and more congestion is good for the environment. This is a simple math issue. This is not about targeting a group or saying you can’t enter the marketplace or we don’t like you,” she said.
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Revel CEO Frank Reig, however, expressed his disapproval of such a suggestion. In a statement to the media outlet, Reig noted that requiring Revel to purchase gas cars to launch an electric taxi fleet would be the “very definition of limiting market competition.” He also stated that he is confident the company’s Model Y taxis would hit New York’s streets.
“We are going to be on the streets because we know the law is completely on our side. Never in Revel’s history have we operated illegally,” he said.
It’s not just the Revel CEO who has expressed his reservations about the TLC’s notice. Arthur Goldstein, a former city council legal staffer, remarked that the commission’s use of past tense for a meeting that’s yet to happen “makes no sense.” If they’re using a phrase like ‘was adopted’ and it’s being published today, it is just not accurate. Anyone reading it would think, ‘This is a done deal. Why should I even put forth an argument to change it?’” he said.
Bruce Schaller, a transportation expert and former staffer at the TLC and Department of Transportation, had similar misgivings, noting that the TLC’s notice was simply bad optics. “It looks bad. They should not finalize the rule until they’ve had the hearing and heard from the public. It makes you very suspicious. You just intuit that there’s a rationale behind this that’s been kept invisible and you don’t know what it is,” he said.
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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
