Tesla CEO Elon Musk’s project to build a high-speed Hyperloop transportation system is in danger of being shut down due to a lack of proper funding and weakening public interest in the matter. Agency reports Bloomberg.
“After 10 years and hundreds of millions of dollars invested, more than half a dozen startups have tried to create a successful project, and none have succeeded,” the article states.
It was noted that Boring Company, which is responsible for Musk’s entire Hyperloop development, faced problems like many in the high-speed transportation industry.
When the billionaire first laid out his ideas about technology, he used the road from Los Angeles to San Francisco as an example.
According to the agency, Boring’s most important project to date is a 4.4-kilometer tunnel under the Las Vegas Convention Center, and Musk’s company is yet to plan new routes.
Bloomberg added that funding for the project was also frozen and the development site is now given to employees’ park.
In 2022, Musk-like startup Hyperloop One, backed by Richard Branson, laid off half its staff and switched to trucking.
Previously, China Aerospace Science and Industry Corporation made a successful launch A new type of transportation that will allow the transportation of passengers and goods at speeds up to 1000 km/h.
Source: Gazeta
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