Page 7 - Hyperloop Technologies News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(Bloomberg) -- Hyperloop One, the futuristic transportation company building tube-encased lines to zip passengers and freight from city to city at airplane-like speeds, is shutting down, according to people familiar with the situation.Most Read from BloombergIran Sends Warship to Red Sea After US Sinks Houthi BoatsQuake Hits Northwestern Japan, Killing Four, Wrecking HomesIndia’s Crude Oil Imports From Russia Plunge on Payment IssuesUS Pushed Dutch Maker of Chip Equipment to Block Chinese Sales

The city of Hawthorne requested the Elon Musk's above-ground Hyperloop test tunnel be dismantled after it sat unused for six years.

The Ministry of Railways will collaborate with the Indian Institutes of Technology for the development of an "indigenous" Hyperloop system at IIT-Madras.

This project will not only provide a faster and low-cost alternative to traditional commutation but it will also prove to be a major step in making India Carbon Neutral.

The futuristic transport firm is changing direction and laying off staff, blaming the pandemic.