The company sees cargo as a more promising and cost-efficient use of its technology.
Virgin Hyperloop is pivoting from moving passengers to transporting cargo and has laid off close to half of its employees, reports James Vincent in The Verge. "A spokesperson for Virgin Hyperloop told the [Financial Times] that the recent cuts would allow the company 'to respond in a more agile and nimble way and in a more cost-efficient manner' and that the decision to lose so many staff at once had not been 'taken lightly.'"
The US-based Virgin Hyperloop is one of the leading firms developing the eponymous technology — an updated version of a centuries-old idea to reduce the energy demands of trains by placing them in vacuum-sealed tubes where air resistance is minimal. The concept was resurrected in 2013 when Elon Musk published a whitepaper on the subject, incorporating magnetic levitation used by bullet trains and bestowing the current branding.
Despite early successes in testing, Vincent notes that Virgin Hyperloop has struggled to attract enough funding and reach additional milestones. "Moving cargo instead of people will simplify safety and regulatory burdens, according to DP World — an Emirati, state-owned logistics group that has a 76 percent stake in Virgin Hyperloop."
FULL STORY: Virgin Hyperloop switches focus from passengers to cargo as it lays off half its staff
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