To address issues of global supply chain and avoid regulatory burden. 🧐 engineering
. Services of a total of 111 members of its staff were terminated in what was an unanticipated move according to the employees.
The Los Angeles-based company was originally founded in 2014 after Elon Musk shared a white paper about the potential of transporting people across long distances in vacuum tubes. The company participated in Musk-funded hyperloop competitions and found a famous investor in Richard Branson-led Virgin Group in 2017.
DP World, a state-owned logistics group that holds a 76 percent stake in Virgin Hyperloop, told FT that 15 of its potential customers were interested in moving cargo through its infrastructure rather than humans since it involved less risk and required less regulatory approvals. though, the company has found only one potential client in its lifetime, Saudi Arabia which is now keen on building a hyperloop cargo link between its port city of Jeddah and capital city of Riyadh.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virgin Hyperloop switches focus from passengers to cargo as it lays off half its staffLeading hyperloop developer says shifting cargo is easier
Read more »
Virgin Hyperloop lays off 111 staffers as it abandons plans for passenger transport | EngadgetVirgin Hyperloop is abandoning plans to build a passenger-capable version of its vacuum tube system..
Read more »
DWAC, Virgin Galactic, Exxon Mobil, DraftKings: What to Watch in the Stock Market TodayDonald Trump’s social-media platform went live in the U.S.; Virgin Galactic is due to report results.
Read more »
Stocks Making the Biggest Moves After Hours: Palo Alto Networks, Virgin Galactic & MoreCheck out the companies making headlines in after hours trading.
Read more »
Virgin Hyperloop switches focus from passengers to cargo as it lays off half its staffLeading hyperloop developer says shifting cargo is easier
Read more »
Virgin Hyperloop lays off 111 staffers as it abandons plans for passenger transport | EngadgetVirgin Hyperloop is abandoning plans to build a passenger-capable version of its vacuum tube system..
Read more »