Published: Thu, June 14, 2018
Finance | By Claude Patterson

Elon Musk has new plans to tunnel into Chicago

Elon Musk has new plans to tunnel into Chicago

Elon Musk's Boring Company won a bid that could bring autonomous, high-speed public transit to Chicago.

On Thursday morning, the city of Chicago announced that the Mayor's Office had chosen The Boring Company to build an express line between O'Hare International Airport and Block 37 in the city's downtown area, known as The Loop.

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

The service from downtown to the airport on electric vehicles in underground tunnels will take 12 minutes, mayoral spokesman Adam Collins and the company said on Twitter on Wednesday night. A final go-ahead requires approval from the city council.

In an interview with the Chicago Tribune, Emanuel said the city is betting on Musk's achievements with Tesla and SpaceX to get the airport link running.

They plan to utilize the "unfinished underground transit station at Block 37 and create a new station at O'Hare".

The company has designed a system that uses computer-controlled electric-powered wheeled "skates" that can travel at speeds of up to 150 miles per hour while carrying passengers, goods or vehicles riding on top of them. This most recent effort was originally proposed last November, when the city opened up a "Request for Qualifications"-the first formal step in vetting companies eligible to submit proposals". The Boring Company will have to finance the entire build itself and operate and maintain the express line after it's completed.

Under the contract, Musk's company will design, fund, build and operate a high-speed loop connecting O'Hare Airport with downtown Chicago, the company said on its website.

Elon Musk has taken on a task perhaps more challenging than launching rockets into space: getting passengers from Chicago's O'Hare to the Loop in 12 minutes, roughly three to four times as fast as the current taxi journey.

The SpaceX, Tesla and Boring Company CEO is set to talk tunnels Thursday in Los Angeles.

An overall project costs and construction timeline will be finalized during this process.

Rivkin said the estimated fare will be $20 to $25 per ride, which is significantly less than a taxi ride to or from the airport.

In Los Angeles, the company had been making a little more headway, receiving permission from the city to build a 2.7-mile proof-of-concept tunnel and station parallel to the 405 freeway.

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