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Richard Branson wants to run Hyperloops within 3 years

The Hyperloop Transport, designed by Tesla founder Elon Musk in 2013, promises to be faster than air traffic, but at a fraction of the cost. The concept is designed so that pods at speeds of 750 mph can be carried by magnets through a large subway tube.

The developers hope to implement the technology around the globe. Hundreds of millions of dollars have already been invested in the development of the systems.

"Speaking of the fact that the pods travel at 6, 7, 800 mph with people and cargo, this is tremendously exciting," he said, describing the ability to allow people to avoid traffic jams by "jump into a gondola".

The conversation took place when Virgin Hyperloop One and its principal investor, Dubai-based port operator DP World, announced a joint venture DP World Cargospeed, which wants to develop Hyperloop Transport for Freight. Branson also discussed his plans to gain a foothold in India and to announce projects in new countries over the next few months.

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