Hyperloop One aiming for high-speed trains from Europe to China, shuts down

Hyperloop One, the ambitious company that once aspired to create a high-speed transportation network linking Europe to China, is officially closing its doors. A staff member confirmed this development to Engadget following a report by Bloomberg detailing the company's shutdown. Established in 2014 after Elon Musk outlined his vision for hyperloop transportation technologies, Hyperloop One initially aimed to revolutionize both cargo and passenger transport using sealed metal tubes and high-speed pods reminiscent of aeroplanes. Also Read: 9 Ways to Fix if Gmail App Not Downloading Attachments In a significant turn of events, the company underwent a rebranding in the period from 2017 to 2022, becoming Virgin Hyperloop One due to an investment from Richard Branson's Virgin Group. However, the partnership ended quietly last year when Hyperloop One shifted its focus exclusively to cargo transport, abandoning plans for passenger services. This strategic pivot led to the dismissal of over 100 staff members in early 2022. Financial challenges plagued Hyperloop One throughout its existence, with the company struggling to secure contracts for the development of a functional Hyperloop system. Bloomberg reports that the company has now laid off the majority of its remaining workforce, and the remaining employees are set to be let go by December 31. Until then, they are reportedly overseeing the liquidation of Hyperloop One's assets, which includes selling off machinery and test tracks. The once-ambitious vision of a rapid transportation link from Europe to China now remains unrealized, marking the end of Hyperloop One's journey.