The closure of Hyperloop One could be seen as a significant setback to futuristic transportation technology. Based on the Hyperloop concept put forward by Elon Musk in 2013, the company aimed to transport people in vacuum tubes at speeds of up to 1.200 kilometers per hour.
The company, which previously received support from Virgin's founder Richard Branson, entered a difficult period with Branson's withdrawal last year. According to Bloomberg, the company will lay off its remaining staff by the end of the year.
Hyperloop One aimed to enable high-speed travel by using magnetic levitation (maglev) technology in a vacuum tube. However, it has been questioned by many experts due to engineering difficulties and the fact that the project requires the construction of giant tubes in rural areas.
The company decided to halt the project due to difficulties encountered while producing prototypes in the Nevada desert and technical problems around corners. Despite a successful test drive in 2020, the company announced that it will make a strategic change in 2022 and focus on cargo transportation.
A date has been given for the mass production of the National Electric Train Set. Minister of Transport and Infrastructure Adil Karaismailoğlu made very important statements about the train set, the prototype of which was put on the rails in the first half of 2020.
Hyperloop One has also been on the agenda with scandals over the years. Ziyavudin Magomedov, one of the former directors of the company, was imprisoned in Russia on charges of embezzlement. Additionally, another investor, Shervin Pishevar, left the company in 2017 after Bloomberg reported sexual harassment allegations.