At one point, the business intended to construct a high-speed rail network connecting China and Europe.
Hyperloop One was founded in 2014 after Elon Musk’s paper about his vision for hyperloop transportation technologies was published. A staff member confirmed to Newtechmania that Hyperloop One is closing. Hyperloop One had once dreamed of building a high-speed freight link between Europe and China, one that could take cargo from one end to the other in a single day. That will, however, remain one of the many goals the company will not be able to fulfill.
Due to an investment from Richard Branson’s Virgin Group, the company was known as Virgin Hyperloop One from 2017 until 2022. However, Virgin discreetly removed its branding last year when the company decided to forgo its plans to transport passengers in favor of concentrating on developing a cargo-only service. Hyperloop One laid off over 100 employees early in the previous year as a result of its shift in priorities.
The company has reportedly been experiencing financial difficulties for some time and has not, notably, been able to secure a contract to build a functional hyperloop system. The news outlet reported that the company has now laid off the majority of its remaining staff, with the remaining staff members set to be let go on December 31. In the interim, they are supposedly in charge of managing the sales of Hyperloop One’s assets, which include its test tracks and machinery.