California bullet train costs soar to $77 billion

(CNBC) The projected cost of California’s bullet train from San Francisco to Los Angeles has jumped to $77 billion and the opening date has been pushed back four years to 2033, according to a business plan released Friday.

The two-year plan presented by the California High-Speed Rail Authority is the first under new chief executive Brian Kelly, who has promised more transparency about the project’s challenges after years of cost increases and delays.

While the goal is to connect the two major cities, the new plan focuses primarily on opening track between San Francisco and the Central Valley, an agriculturally dominant, less-populated portion of inland California. That portion of track is now set to be finished by 2029, also marking a four-year delay, and significant challenges remain.

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