Latest news with #VegasLoop
Yahoo
08-05-2025
- Automotive
- Yahoo
Tesla's Sales Are Somehow Continuing to Fall
If there's a light at the end of the tunnel for Tesla, it's an oncoming Model Y trapped inside Elon Musk's dorky Vegas Loop. Already in a dire deliveries slump while its brand image goes up in flames, the EV automaker experienced yet another devastating plummet in sales last month in several of its most important European markets, in what is the latest sign of how its CEO's bizarre behavior is driving customers away. In Sweden, Tesla's new car sales nosedived by a staggering 81 percent in April, Reuters reported, to its lowest level in two and half years. Sales in the Netherlands experienced a 74 percent decline, the lowest for that month since 2022. That decline looked like 59 percent in France, while Denmark sales dropped by 67 percent, and sales in Portugal fell by a third. Even worse, Tesla is trending in the exact opposite direction of the European EV market overall, which is blossoming. In the first quarter, according to new data from the European Automobile Manufacturers' Association cited by Reuters, Tesla sales in the continent, including the UK, fell by 37 percent, while EV sales rose by 28 percent. Last year, Tesla sold 86,000 cars over that time period. This year, it sold 54,000. This is Musk's vaunted business acumen at work. His support of far right politics, his role in the Trump administration, and his off-cuff Sieg Heils have made him an extremely unpopular figure in Europe, where customers have seemingly little patience for his thinly-veiled Nazi bullshit. Protestors and vandals, for example, have smashed up Tesla dealerships and spray painted them with anti-Nazi slogans. "The brand has taken a reputational hit here in Europe," CEO Ginny Buckle told Reuters. In a survey of over 1,642 people between March and April conducted by the website, 59 percent of respondents said that Musk made them less inclined to buy a Tesla. Tesla is also facing a lot more competition than it used to. Its fleet has remained largely the same, and its newest and most "exciting" vehicle, the Cybertruck, isn't even legal in Europe. "Tesla's technological lead has largely been eroded with the current model lineup," Andy Leyland, co-founder of supply chain specialist SC Insights, told Reuters. "Competition from both legacy auto and Chinese entrants will be weighing on sales." With so many red flags popping up, the automaker looks doomed for a repeat of last year, when its net profits more than halved from $15 billion to $7 billion and its revenue from car sales dipped by over $5 billion, experiencing its first-ever annual decline in deliveries. This year, Tesla revealed that its number of vehicle sales dropped by 13 percent between January and March, making it the worst sales drop in the company's history. During that period, its earnings fell by 71 percent compared to the same quarter last year — far worse than what analysts expected — while its total revenue slid by nine percent. Tesla could also lose its lucrative revenue from selling carbon credits, if Trump delivers on his promise to revert the Biden-era regulations that made them possible. All told, Tesla faces significant hurdles to restoring its sales and its image. Investors hope their savior will be the automaker's long-hyped, affordable $25,000 car — but it's unclear when that will even hit the market. More on Tesla: Elon Musk Erupts in Rage at News That Tesla Trying to Replace Him as CEO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
14-02-2025
- Business
- USA Today
Elon\u00a0Musk's\u00a0The Boring Company signs preliminary agreement on Dubai\u00a0Loop\u00a0project
Elon Musk's The Boring Company signs preliminary agreement on Dubai Loop project Show Caption Hide Caption Musk says Grok 3, rival to OpenAI's ChatGPT, to launch in weeks Elon Musk says human intelligence will be dwarfed by machines as he talks AI chatbots in Dubai. "We're really in the final stages of polishing Grok 3. Probably it gets released in about a week or two, so pretty soon." Elon Musk's The Boring Company and Dubai's Road and Transport Authority (RTA) have signed an initial agreement to build the Dubai Loop, an underground high-speed transport network spanning 17km (10.6 miles), they said on Friday. The United Arab Emirates' Artificial Intelligence Minister, Omar Al Olama, announced the project on a video interview with Elon Musk during the World Governments Summit on Thursday without providing further detail. The Boring Company (TBC) said the memorandum of understanding covers an initial pilot phase of 11 stations, transporting passengers in electric vehicles through tunnels at speeds up to 160km per hour. It will be similar to the Vegas Loop, which began transporting passengers in EVs through tunnels in 2021. It has five stations around a convention centre in the U.S. city and is aiming for a total of more than 100. Musk madness: Elon Musk's shadow looms over this tiny Texas town. Can it cope with the rapid growth? Musk, who also owns EV maker Tesla, aerospace company SpaceX and was appointed by U.S. President Donald Trump to run the newly created Department of Government Efficiency, first touted his vision of a futuristic Hyperloop transport system more than a decade ago. Dubai Loop will cover the most congested areas of Dubai, the emirate's government media office said on X, the social platform owned by Musk. The aim is to carry more than 20,000 passengers per hour initially, with eventual capacity of more than 100,000 people per hour. No timeline was given for the project. Reporting by Jana Choukeir and Yousef SabaEditing by Jane Merriman and David Goodman
LBCI
14-02-2025
- Automotive
- LBCI
Elon Musk company signs preliminary agreement on Dubai Loop project
Elon Musk's The Boring Company and Dubai's Road and Transport Authority (RTA) have signed an initial agreement to build the Dubai Loop, an underground high-speed transport network spanning 17km (10.6 miles), they said Friday. The United Arab Emirates' Artificial Intelligence Minister, Omar Al Olama, announced the project on a video interview with Elon Musk during the World Governments Summit on Thursday without providing further detail. The Boring Company (TBC) said the memorandum of understanding covers an initial pilot phase of 11 stations, transporting passengers in electric vehicles through tunnels at speeds up to 160km per hour. It will be similar to the Vegas Loop, which began transporting passengers in EVs through tunnels in 2021. It has five stations around a convention center in the U.S. city and is aiming for a total of more than 100. Reuters
The National
14-02-2025
- Automotive
- The National
Will Elon Musk's Loop drive down Dubai traffic?
There is no denying that Elon Musk – the billionaire tech mogul, space flight pioneer and confidante to US President Donald Trump – has a special way of presenting new projects. Speaking via video call to an audience attending the last day of the World Governments Summit in Dubai yesterday, Mr Musk said a proposed underground road network for the city is 'going to be like a wormhole. You just wormhole from one part of the city to another'. Tesla is set to work with the emirate's authorities to build the Dubai Loop – an ambitious urban transport project that will resemble the Las Vegas Loop, a $47-million system built by Mr Musk's Boring Company. That project opened in 2021 and carries convention centre visitors in high-speed tunnels to avoid surface traffic. The American project took two years to build the tunnels and five stations for 70 driverless vehicles to travel through, and there are plans to further develop it into a sprawling system of 100 stations that will connect the Nevada city's airport to hotels and casinos. As enterprising as this sounds, Mr Musk's joint project with Dubai is in keeping with the emirate's future-focused ideas about making the city greener, more liveable and easier to get around. Like Dubai, Las Vegas is one of the world's hottest urban areas and below-ground transport is regarded as ideal for reducing emissions and ensuring smoother journeys. The Dubai Loop is just one of several current projects that aim to cut congestion and better connect one of the world's fastest growing cities. Technical studies of Dubai's solar-powered Railbus network are ongoing and the city has plans to more the double its number of Metro stations by 2040. In addition, Dubai is planning other ways to reduce the number of vehicles on its roads, such as the Super Block project – unveiled earlier this month, this aims to transform key areas into pedestrian zones with more greenery, shared public spaces and greater opportunities for social interaction. The drive to create new and innovative modes of transport – thereby improving the quality of life in urban areas – is something that the UAE as a whole is embracing. The Etihad Rail project, which has been advancing since work began on it in 2009, took a significant step forward in January when plans for a 30-minute high-speed train service connecting Abu Dhabi to Dubai were unveiled. The UAE capital also looks set to embrace flying taxis, with one company, Archer Aviation, saying earlier this month that it hopes to get Abu Dhabi's first flying taxis in the air this year, adding that its long-term goal is to replace 60 to 90-minute trips by car with 10 to 20-minute electric air journeys. For now, the focus is on this high-profile plan to dig underground roads in the desert. It is certainly a bold move, and Dubai will be watching the progress and expansion of Mr Musk's Las Vegas Loop closely. It may be the case that, in a few short years, Dubai travellers will indeed be 'wormholing' their way from one part of the city to another.
Gulf Today
13-02-2025
- Automotive
- Gulf Today
Musk promises 'Dubai Loop' underground road network
Elon Musk said on Thursday that he was partnering with Dubai authorities to create a "Loop" underground road network in the city. Musk's Boring Company has built a similar system in Las Vegas, with Tesla cars – another of his products – driving passengers down narrow, one-way tunnels for a fee. "It's gonna be like a wormhole – you just wormhole from one part of the city, boom, and you're out in another part of the city," Musk, the world's richest person, said by videolink at the World Governments Summit in Dubai. No details of the project were announced. Currently the Vegas Loop has four stops and costs $10 for a five-minute, eight-kilometre (five-mile) ride. "I think (when) people try it out, they'll be like, 'This is really cool.' And it's so obvious in retrospect, but until you actually do it you don't know," said Musk. Despite a giant road network of six-lane highways criss-crossing Dubai, traffic jams are common in the fast-growing city of about 3.6 million people. According to UAE Minister of State for Artificial Intelligence Omar Al Olama, who announced the joint project with Musk, the Loop will "cover Dubai's most densely populated areas for people to go from point to point" seamlessly. The project is not to be confused with the Musk-inspired Hyperloop, which envisages floating pods travelling at ultra-high speeds along a vacuum-sealed tube. After initial steps began in 2016 to build a Hyperloop between Dubai and the UAE's capital, Abu Dhabi, the project is yet to become reality. Musk, a key appointee of US President Donald Trump, is currently slashing government spending, freezing aid programmes and pushing staff reductions in federal agencies. Agence France-Presse
