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.
Musk's plan proposes a 16-passenger autonomous vehicle that can whip passengers at speeds up to 100 miles per hour through tunnels between the airport and downtown.
The battery-powered skates will be built on a modified Tesla Model X chassis, with a pod that will be climate controlled, have space for luggage and include built-in Wi-Fi.
The company originally talked about "electric sleds" on which vehicles could park on and then they would lower inside the tunnels and travel on rails at high speeds.
The company and city officials will enter negotiations to bring the Loop transit system to Chicago.
The 12-minute ride - which Emanuel equated to "three songs on your iPod" - compares to the roughly 40 minutes it now takes to make it from O'Hare to the city via the Chicago Transportation Authority's Blue Line train.
Musk held a town hall-style meeting in the affluent LA suburb of Bel-Air last month to ease fears among residents skeptical of the tech billionaire's plan to dig tunnels under their neighborhoods.
Musk company to build Chicago-to-O'Hare express transport
The Boring Company and the Chicago mayor have noted that it is far too early to provide a concrete timeline for the completion of the high-speed tunnel system.
The Boring Company says it will shoulder the financial burden of the project, which will be "100% privately funded".
The company indicated in its proposal to the city that fares on its transportation system of the future - although not yet set - would cost more than the current $5 fare between O'Hare and downtown but less than the cost of a cab ride, which typically costs about $40.
The company beat out a consortium that included Mott MacDonald, the civil engineering firm that designed a terminal at London's Heathrow Airport, and JLC Infrastructure, an infrastructure fund backed by former basketball star Earvin "Magic" Johnson, people with knowledge of the matter said. The Chicago Express Loop service will operate for 20 hours per day, seven days a week, and it's expected that a skate will depart from each station every 30 seconds.
A success in Chicago would give Boring Co. considerable credibility as it tries to move ahead on other projects, including service within Los Angeles and a planned system between Washington, D.C., and New York City.
The effort has been met with some skepticism from experts. That said, we've written that city projects touted as private-sector-paid endeavors can wind up dipping into taxpayers' pockets.More news: Trump's 'appalling' Kim summit slammed by rights advocate
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