Rocket car won’t break 1,000 miles per hour unless company raises $33 million

The company behind Project Bloodhound, a UK-based initiative to break 1,000 miles per hour in a rocket-powered car, is in dire straits. The Bloodhound Supersonic Car is all but built, and it reached speeds of over 200 mph in a test last year. But the company says it needs to raise £25 million (just shy of $33 million) or it will go broke.

Bloodhound Programme Ltd announced on Monday that it has entered into administration, which, like bankruptcy, is a process where control of the company...

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