China’s revolutionary “straddling bus” has been placed in the garage and collecting dirt and overcrowding the traffic now a day because the investors have refused to give funds anymore.
A member of TEB Tech told The Paper that the Investors who gave the capital for the manufacturing and opening experiment of the Transit Elevated Bus (TEB) have refused to invest any more funds for this project and said they have previously invested lots of capital for this project. As a result, the funds have been freeze by the investors and ‘Straddling Bus is brought to a standstill.
This standstill has resulted in urban road jam. The complete trial representation of the bus is lying unrestrained on the 300-meter examine pathway of Qinhuangdao city, Hebei region. The Transit Explore Bus is the company who was working on the Traffic Elevated Bus (TEB) and now has stopped working on this project because of the back out of the investors.
Chinese state media named this project ‘big fat scam’ and stated how the leader of the company of TEB Tech Huaying Kailai, invested billions of Yuan (monetary unit of China) in this and he till now he has invested 200 million Yuan on this experiment.
He has faced exterminating of fraud agreement and assurance. After this, the bus was paused and also the examiners were paused. The investors also granted for reimbursement of their money.
According to The Paper reports, the employees of the TEB Tech companies have started to resign because the vehicle’s designer was not getting their salary. The inventor of the “straddling bus” as well as the TEB Technology chief engineer, Song Youzhou claimed that these reports of the bus are just rumors.
In an interview with The Paper, Song told that examiners visit the TEB examine location every week in Qinhuangdao. He also said that the company has available investment from a nationalized company but he refused to convey the genuine name of the company.
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