The company sees cargo as a more promising and cost-efficient use of its technology.
Virgin Hyperloop is pivoting from moving passengers to transporting cargo and has laid off close to half of its employees, reports James Vincent in The Verge. "A spokesperson for Virgin Hyperloop told the [Financial Times] that the recent cuts would allow the company 'to respond in a more agile and nimble way and in a more cost-efficient manner' and that the decision to lose so many staff at once had not been 'taken lightly.'"
The US-based Virgin Hyperloop is one of the leading firms developing the eponymous technology — an updated version of a centuries-old idea to reduce the energy demands of trains by placing them in vacuum-sealed tubes where air resistance is minimal. The concept was resurrected in 2013 when Elon Musk published a whitepaper on the subject, incorporating magnetic levitation used by bullet trains and bestowing the current branding.
Despite early successes in testing, Vincent notes that Virgin Hyperloop has struggled to attract enough funding and reach additional milestones. "Moving cargo instead of people will simplify safety and regulatory burdens, according to DP World — an Emirati, state-owned logistics group that has a 76 percent stake in Virgin Hyperloop."
FULL STORY: Virgin Hyperloop switches focus from passengers to cargo as it lays off half its staff
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North Texas Transit Leaders Tout Benefits of TOD for Growing Region
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Why Should We Subsidize Public Transportation?
Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.
How to Make US Trains Faster
Changes to boarding platforms and a switch to electric trains could improve U.S. passenger rail service without the added cost of high-speed rail.
Columbia’s Revitalized ‘Loop’ Is a Hub for Local Entrepreneurs
A focus on small businesses is helping a commercial corridor in Columbia, Missouri thrive.
Invasive Insect Threatens Minnesota’s Ash Forests
The Emerald Ash Borer is a rapidly spreading invasive pest threatening Minnesota’s ash trees, and homeowners are encouraged to plant diverse replacement species, avoid moving ash firewood, and monitor for signs of infestation.
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