According to the Financial Times, the company leading the charge on making the futuristic transportation system a reality has laid off over 100 workers.
The company is now focusing on sending cargo through vacuum tubes at speeds of up to 670 mph, rather than passengers.
That means the dream of cutting down travel times between cities is on ice. Virgin Hyperloop is the only company that has tested the concept in the real world.
Last year, the company made a big splash with a rendering of what the passenger experience could look like. It seems like that was a dead end.
There are a lot of factors at play.
The company told the Financial Times that it has more to do with global supply chain issues and changes due to carbon dioxide.
The company wants to enter the freight market, moving cargo at air speeds but on the ground.
Josh Giegel left the company last year, triggering a massive talent flight. The former employee told the paper that there was no confidence in the new direction.
In the short term, investors think sending cargo through the vacuum tubes is a better idea.
There is less risk for passengers and less of a regulatory process when you focus on pallets, according to the company that holds a majority stake in Virgin Hyperloop.
The Cargospeed system is aimed at moving cargo via tubes.
The dream of a Hyperloop passenger transportation system is not clear.
Virgin Hyperloop axes half of its staff to focus on freight.
Are you interested in supporting clean energy adoption? At UnderstandSolar.com, you can find out how much money you could save if you switched to solar power. Futurism.com may receive a small commission if you sign up through this link.
All Rights Reserved © 2024
