Musk's Boring Company to build high-speed system in Chicago

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Musk Boring Co. aims to whisk airline passengers between Michigan Avenue and O'Hare Airport in 20 minutes. Raymond Boyd Getty Images

After having won the bid to build Chicago's new transit system today, Elon Musk's Boring Company is now showcasing its latest transport technology: a Tesla Model X with a contraption that enables the all-electric vehicle to drive on rails inside the startup's tunnel.

A Boring Company spokesman said Thursday the company is "really excited" to work with the city.

The transport system Boring has proposed is called Loop, a slower version of the Hyperloop that's designed for shorter distances and doesn't require vacuum conditions.

And Musk has been pretty public about the Boring Co.'s efforts to dig transportation tunnels underneath parts of the Los Angeles area that are meant to help alleviate that region's traffic snarl.

Boring is seeking an exemption from a lengthy environmental review of the Los Angeles test tunnel.

At the company's annual shareholder meeting this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period.

According to The Boring Company, fares have not been finalized, but "will be less than half the typical price of taxi/ride-share services, though higher than the Blue Line". No tracks were ever laid in the station, and no new tunnels were started to connect downtown to the airports.

As previously reported by FOX Business, Musk envisions loop commuters will pay just $1 per trip from downtown Los Angeles to Los Angeles International Airport, which, according to the Boring Company's concept, would take just eight minutes per 11-mile ride. "He's proven something", he told The Chicago Tribune. "That's what we are doing'".

But they have also been experimenting with a lot of different ideas for the transportation system that they will use inside those tunnels. (This means there will be a Loop to The Loop-very cute, Chicago.) Unlike the Hyperloop idea, the tunnels will not be depressurized.

The electric pods would depart both O'Hare and Block 37 as frequently as every 30 seconds. This tunnel is now limited to Hawthorne. The Boring Company released Wednesday renderings of what the underground system and rail cars would look like.

Some are skeptical such a project will be built.

Officials from city and Boring have stated that it's too soon to estimate a timeframe or final cost for this project, but have stated that Boring will be fronting the bill.

Boring has promised that the project will be "100 percent privately funded". Several above-ground stations in the city will also needed, although the city will provide rights for underground construction.

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