Shader cache corruption from v35700. Fix: Go to %localappdata%\Transport Fever 2\Cache and delete the shader_cache.bin file. The game will rebuild it on launch.
If you're new to Transport Fever 2, here are some tips and tricks to get you started: Transport Fever 2 v35924.0
Pro Tip: Disable automatic updates in Steam after installing this build to prevent "mod creep" if authors update their assets to a newer, incompatible API. Shader cache corruption from v35700
Version 35924.0 introduced dynamic LOD (Level of Detail) streaming for vehicle fleets. Where earlier versions loaded all 500 train carriages into RAM simultaneously, the new engine loads only those within a 5km radius of the camera, with a predictive cache for lines approaching the player’s view. This reduced memory footprint from ~8GB to ~5.5GB on a standard 2048x2048 map with 300+ vehicles. If you're new to Transport Fever 2, here