Tesla Motors Inc (TSLA)’s CEO Elon Musk To Build Hyperloop Test Track In Texas: But Who Is Funding This?

Everyone knows that Tesla Motors Inc (NASDAQ:TSLA)’s CEO, Elon Musk is interested in space exploration and his startup SpaceX is planning to make some strides into space travel. He expressed in interest almost a year back in a forum about a concept called as ‘Hyperloop’. What is this Hyperloop and have Musk made any progress in this. CNBC’s Phil LeBeau talked on CNBC about the developments in this.

Elon Musk

Phil LeBeau said that Musk first started talking about the Hyperloop in 2013, which enables ultra high-speed transportation. Hyperloop is nothing but a series of tubes that would transport people in pods at ultra high speeds over long distances. He pointed at Musk earlier statement about this technology that he is not going to oversee this and he is not going to involved with it, but its great if other people get involved. LeBeau said that other people certainly got involved and progressed this technology further.

He reported that Tesla Motors Inc (NASDAQ:TSLA)’s CEO Musk has talked in a Transportation summit in Austin, Texas and said that they will be building a hyper loop test track for companies and student teams that test out their pods most likely in Texas. Musk said that he is planning to have a annual pod racing competition much like Formula SAE.

LeBeau pointed out that everyone thought Musk was just talking about the technology and it might not proceed further.

“The Hyperloop which we thought was just an interesting idea that Elon Musk gave us last year that probably is going to be nothing more than an exercise in terms of ideas for the future in transportation. Elon Musk said they will build a test facility for pods to be tested in Texas. We don’t know who is going to build this. Is Elon Musk funding this? Is It Tesla? Is it SpaceX?” LeBeau said.

Tesla Motors Inc (NASDAQ:TSLA)’s CEO Elon Musk mentioned in his talk that this facility will be build in Texas and transportation pods will be invited for testing in this facility.

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