China's Transit Elevated 'straddling bus' going bust

QINHUANGDAO, China — Fortune reports that a full-scale test model of China’s Transit Elevated Bus (TEB), also known as the “straddling bus,” has been all but abandoned at its testing site in Qinhuangdao, and the company developing it seems to have evaporated.

That company, Transit Explore Bus, ignited global interest in May, when it showcased the concept at the Beijing International High-Tech Expo. The TEB was intended to carry passengers above road traffic, helping reduce congestion.

Though TEB inventor Song Youzhou has insisted the company is still operating normally, sources told China’s The Paper that a major TEB investor has now cut off further funds to the company, and the TEB management team has already left Qinhuangdao. For the full story, click here.