Elon Musk’s Boring Company will build high-speed Chicago train

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The announcement is a major step for The Boring Company, which was started in 2016 by Tesla and SpaceX CEO Elon Musk.

If you're planning to fly into Chicago's O'Hare International Airport at some point in the future, you might be pleasantly surprised by the transit options.

The plan for the "Chicago Express Loop, " announced early Thursday by Chicago Mayor Rahm Emanuel and Musk's tunneling firm, calls for the construction of an underground tunnel with concrete tracks on which "skates" - individual vehicles built on a modified Tesla X chassis - would carry 8 to 16 passengers at between 125 to 150 miles per hour from one of the world's busiest airports underneath some of the country's most congested roads.

The skates will leave every 30 seconds and the system will operate 20 hours a day, seven days a week, the company said.

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.

The city has always been looking for a way to address the issue of long transit time between its major airport and downtown.

The Boring Company's new O'Hare Airport Station. The city said the project will be funded entirely by the company with no taxpayer subsidy.

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While they won their bid with the city, the local government is not contributing any money to the project and The Boring Company will have to finance it itself and recuperate its cost through fares - virtually becoming a private mass-transit company.

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.

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. Exact project costs and construction timelines will be negotiated with the contract.

The Chicago Transit Authority's Blue Line trains now provide transportation from the city to O'Hare.

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.

As specified by the city, The Boring Company will be the one operating and therefore be taking revenue from the service once in operation.