The company Hyperloop One once upon a time dreamed of building a high-speed freight link between Europe and China that could transport cargo from one end to the other in a single day. However, this will remain one of the many goals that the company will not be able to meet. Hyperloop One is winding down, an employee confirmed to Engadget after Bloomberg broke the news of her termination. The company was founded in 2014 following the release of Elon Musk’s documentary about his vision for hyperloop transportation technology.
The company originally sought to transport both cargo and people in the form of modules that would travel through closed metal tubes over long distances at speeds similar to those of airplanes. From 2017 to 2022, thanks to the investment of Richard Branson’s Virgin Group, it bore the name Virgin Hyperloop One. However, Virgin quietly withdrew its brand last year when the company decided to abandon plans to carry passengers and focus on building a freight-only service. Hyperloop One laid off more than 100 employees early last year due to a change in priorities.
According to Bloomberg the company has had financial problems for a long time and above all it has never won a contract to build a functional hyperloop system. Now, according to the news organization, it has laid off most of the remaining employees, and those who remain will be let go by December 31. Until then, they are said to be overseeing the sale of Hyperloop One’s assets, including its machines and test tracks.