It does. I think the current Cannon tram was new in 1984-ish. I seem to think they rebuilt the whole thing. Trams usually are on a haul rope that loops around the top and bottom stations. Whistler's Peak-to-Peak is one exception I know of where the 22 (or so) passenger trams detach as they enter/exit the stations.
Sent from the driver's seat of my car while in motion.