As for what form the company's train will take, previous year Musk tweeted: "Electric pods for sure".
Musk has said he believes his Hyperloop concept could be the solution to traffic gridlock in Los Angeles, Chicago, and other major metropolitan areas. A new station would be built downtown to accommodate this express line.
For the Loop, passengers are expected to ride in autonomous 16-passenger vehicles, or "skates", based loosely on Tesla's Model X SUV.The battery-powered vehicles will move along tracks with wheels on a concrete shelf much like a auto, while four stabilizing wheels on the sides would ride along curbs in the tunnel walls. The company has stated that its electric pods would travel at 125-150 miles per hour.
Ivanka Trump tweets ‘fake’ proverb sparking debate in China
The 36-year-old identified the quote as a "Chinese Proverb", prompting China's online users to collectively scratch their heads. This is also not the first time that Trump has come under fire for misquoting something as having a Chinese origin.
The project will be entirely paid for by The Boring Company, which will generate revenue from ticket sales, advertising and merchandising.
The Loop's exact line hasn't been determined yet, but it will consist of two parallel tunnels that run "straight northwest from downtown following public way alignments", according to the city's press release. City officials said it would be able to handle 2,000 passengers per hour in each direction, with departures as frequently as every 30 seconds. As such, Musk's Boring Company says that a journey from Block 37 in downtown Chicago to O'Hare will be three to four times faster than existing transport systems, at around 12 minutes for the roughly 15 mile (24 km) journey. After Thursday's announcement, the city will begin one-on-one contract negotiations with The Boring Company.
Boring said the fare will be less than half that of a taxi or ride share but more than the fare on the current train system. The company is now seeking approval to expand to a larger tunnel in West Los Angeles.
The deal comes about a month after Musk unveiled a plan to burrow a high-speed network of "personalized mass transit" tunnels under Los Angeles that he said could be built without disturbance or noise at the surface.
But in Chicago, the city will assist The Boring Company with all necessary permits, and there does seem to be some political will to have such a tunnel built within the city, and relatively quickly.
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