Elon Musk said in Chicago Thursday, just after news broke that his Boring Company was chosen to build and operate an express service between O'Hare International Airport and the city's Loop, that the project could be completed in the next three years.
With plans to begin drilling before the end of the year, possibly within the next three or four months, Musk said "it is very unlikely to be more than three years" before the project is completed.
"We’re super excited to do groundbreaking technology in one of the greatest cities in the world," Musk said.
Speaking alongside Mayor Rahm Emanuel, Musk said the "groundbreaking technology" has the potential "for a revolutionary transport system."
Boring Company plans to transport passengers between O’Hare and Block 37 in the Loop in approximately 12 minutes each way by using electric vehicles that run through new twin underground tunnels, the city said. The project will be funded entirely by the company with no taxpayer subsidy, according to a press release from the city.
"This is a difficult thing that we’re doing, it’s a hard thing, it’s a new thing," Musk said. "I hope that you’d cheer us on for this. If we succeed it’s going to be a great thing for the city. If we fail, I guess me and others will lose a bunch of money."
"We get the upside with no financial risk at all," Emanuel added.
The Boring Company said a map of the route would be posted later this summer on its website.
"Loop is a high-speed underground public transportation system in which passengers are transported on autonomous electric skates traveling at 125-150 miles per hour," Boring's website reads. "Electric skates will carry between 8 and 16 passengers, or a single passenger vehicle. "
Skates are built on a modified Tesla Model X chassis and feature a climate-controlled cabin, luggage storage space and Wi-Fi.
Fares for the express tunnel are not finalized but will be less than half the typical price of a taxi or ride-share services, but higher than the Blue line, Boring said.
The city said it will begin one-on-one contract negotiations with a final agreement will be presented to the City Council.