Gothenburg, Sweden: Chinese automaker Geely Holding Group is buying an 8.2 percent stake in Swedish heavy truck and construction equipment conglomerate AB Volvo, worth around 27 billion Swedish kronor (US$3.3 billion) at current market prices.
Hyperloop Transportation Technologies Inc., also known as HyperloopTT, has unveiled its first full-scale passenger capsule in Spain – the Quintero One – which is almost entirely built from composite material. This is after the company had established a joint venture to build a test system in a mountainous southwest province in China.
Based on the Hyperloop technology that was promoted by Elon Musk in 2013, this technology provides the possiblity of moving passengers in capsules at accelerations of more than 750 miles (1,200 kilometers) per hour through low-pressure tubes, which is faster than current methods such as the Maglev – a levitation technology that lifts train cars above the track to remove surface friction.
Similarly, due to his disappointment with California’s high speed rail plans, Musk, who currently heads Tesla Inc. and Space Exploration Technologies Corp., first shared his plans for a hyperloop to move people from Los Angeles to San Francisco in half an hour in a white paper released in 2013.
Following this, Richard Branson’s Virgin Hyperloop One has already held discussions in India and the company is looking to offer future mobility technologies at prices that are cheaper than domestic airlines. Just this February, Branson had already signed a preliminary agreement in Mumbai for a broad hyperloop network with plans for a Mumbai-Pune system that could potentially reduce travel times to 25 minutes. Saving approximately three hours as a result.
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!