May 17, 2020

Russian Railways approves final sale of Freight One

Russian Railways
Independent Transport Company
Freddie Pierce
2 min
Follow @Ella_Copeland Rail monopoly Russian Railways has approved the sales of its remaining 25percent stake in Freight One for $1.6 billion. The sale...

Rail monopoly Russian Railways has approved the sales of its remaining 25 percent stake in Freight One for $1.6 billion.

The sale completes a takeover by billionaire Vladimir Lisin’s Independent Transport Company, which already owns 75 percent of Freight One following an earlier purchase from Russian Railways at an auction in 2011 for $4.2 billion

“Yesterday, after the decision by the board of directors, which summed up the results of the tender [for the remaining blocking stake in Freight One], we plan to get 50 billion rubles [$1.6 billion] and I have signed a corresponding contract,” Vladimir Yakunin, CEO of Russian Railways told the press on Thursday.

Russian Railways chose Independent Transport Company as the buyer for Freight One in a tender held in October 2012. 

On a statement released on their website, Russian Railways claimed the sale of freight one will be ‘one of the biggest privatization deals in Russia’s modern history.’

On Wednesday, the Board of Directors also approved the sale of 75% minus two shares of Zheldorremmash, Russia’s largest producer of locomotives and rail equipment, according to an online statement. The sale of the company was finalized following ’competitive bids in accordance with a decision of the Board of Directors on 27 June 2012 and a decree of the Russian Government dated 26 June 2012.

The announcement that bidding would take place for a sale and purchase contract in Zheldorremmash shares was announced on 14 August.’

Share article

Jun 21, 2021

Elon Musk's Boring Co. planning wider tunnels for freight

2 min
Elon Musk’s tunnelling firm plans underground freight tunnels with shipping containers moved on “battery-powered freight carriers”, according to reports

Elon Musk’s drilling outfit The Boring Company could be shifting its focus towards subterranean freight and logistics solutions, according to reports. 

A Boring Co. pitch deck seen and shared by Bloomberg depicts plans to construct wider tunnels designed to accommodate shipping containers. 

Founded by Tesla CEO Musk in 2016, the company initially stated its mission was to offer safer, faster point-to-point transport for people, particularly in cities plagued by traffic congestion. It also planned longer tunnels to ferry passengers between popular destinations across the US. 

The Boring Co. completed its first commercial project earlier this year in April. The 1.7m tunnel system is designed to move professionals between convention centres in Las Vegas using Tesla EVs. It says the Las Vegas Convention Centre Loop can cut travel time between venues from 45 minutes to just two. 


Boring Co.'s new freight tunnels

The Boring Co.'s new tunnel designs would allow freight to be transported on purpose built platforms, labelled as “battery-powered freight carriers”. The document shows that, though the containers could technically fit within its current 12-foot tunnels, wider tunnels would be more efficient. Designs for a new tunnel, 21 feet in diameter, show that they can comfortably accommodate two containers side-by-side, with a one-foot gap between them.

The Boring Co.’s new drilling machine, dubbed Prufrock, can tunnel at a rate of one mile per week, which is six times faster than its previous machine, and is designed to ‘porpoise’ - mimicking the marine animal by ‘diving’ below ground and reemerging once the tunnel is complete. 

Tesla’s supply chain woes 

Tesla is facing its own supply chain and logistic issues. The EV manufacturer has raised the price of its vehicles, with CEO Musk confirming the incremental hike was a result of “major supply chain pressure”. Musk replied to a disgruntled Twitter user, confused as to why prices were rising while features were being removed from the cars, saying the “raw materials especially” were a big issue. 

Elon Musk Tweet

Car manufacturing continues to be one of the industries hit hardest by a global shortage in semiconductor chips. While China’s chip manufacturing levels hit an all-time high in May, and the US is proposing a 25% tax credit for chip manufacturers, demand still outstrips supply. Automakers including Volkswagen and Audi have again said they expect reduced vehicle output in the next quarter due to a lack of semiconductors, with more factory downtime likely

Top Image credit: The Boring Company / @boringcompany

Share article