According to the Financial Times (FT), Virgin Hyperloop has cut almost half of its staff (111 people) and decided to shift from passenger to freight. Initially, the company aimed to create passenger capsules that would move in pipes with very low pressure at speeds up to 1000 km/h.
However, now the company has decided to “change direction”. As Virgin Hyperloop said in an interview with the FT, “the new direction will provide more opportunities due to the new situation in the supply market due to the COVID-19 pandemic.”
Previously, Virgin Hyperloop has already raised about $400 million in venture capital investments, having received the support of Richard Branson’s Virgin Group, Dubai-based DP World and Elon Musk. She has already conducted the first successful tests of such capsules with passengers. DP World, which owns 76% of Virgin Hyperloop, is currently working on a vacuum pipeline transport system.