The California High-Speed Rail project faces major funding challenges as costs have ballooned to over $100 billion, three times the initial estimate. Newly appointed CEO Ian Choudri emphasizes the need for a turnaround, contending that without stabilizing finance and demonstrating progress, the project risks failing. Originally projected to be operational by 2020, rail construction has yet to begin, and completion may take an additional 20 years. A financing plan is urgently needed as California has exhausted its bond funding with the project already costing $13 billion.
"We started this one, and we are not succeeding, that was the main reason for me to say, let's go in, completely turn it around, and put it back to where it should have been."
"The project's price tag now exceeds $100 billion, more than triple the initial estimate, and it has mostly been funded by the state through the voter-approved bond and money from the state's cap-and-trade program."
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