Musk's company was selected out of four other bidders.
Announcing the agreement Wednesday night, Adam Collins, a spokesman for Mayor Rahm Emanuel, said the journey will take approximately 12 minutes.
The city has always been looking for a way to address the issue of long transit time between its major airport and downtown.
They plan to utilize the "unfinished underground transit station at Block 37 and create a new station at O'Hare".
The Boring Company has estimated the cost of the project to be $1bn, which would be entirely funded by it in exchange for all revenue from the system's transit fees, advertising, branding and in-vehicle sales.
Tesla (TSLA) Stock: What’s Elon Musk Up to?
Instead, Tesla's new auto will be a halo product, with performance to beat even the fastest petrol production cars ever made. Tesla owners also need to add an additional $3,000 package called Full Self-Driving Capability.
The company and the city are entering the negotiation phase. The Boring Company previously released video of a very similar project planned in Los Angeles, with the goal of taking passengers from downtown to LAX in just 8 minutes. The plan comes in response to Chicago Mayor Rahm Emanuel's request previous year for proposals to build and operate a high-speed rail line that will whisk passengers from the airport to downtown in 20 minutes or less.
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. Boring gets exclusive rights to negotiate with the city for the next 12 months.
Each electric vehicle in the proposed tunnel system will carry eight to 16 people and travel at speeds of 125 to 150 miles per hour (200 to 240 kph), the company said on its website.
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.
An overall project costs and construction timeline will be finalized during this process.
Rush hour gridlock in downtown Chicago could be set to ease thanks to an underground express transportation system that will ferry passengers to the city's O'Hare Airport. The company has been digging under a SpaceX parking lot, while its application to dig a tunnel beneath Los Angeles and Culver City is caught up regulatory obstacles and legal challenges.
Underwood said she has sent letters to the Internal Revenue Service and Federal Election Commission for further investigation. President Donald Trump waves as he arrives on the South Lawn of the White House in Washington, Monday, Aug. 14, 2017.
But then Trump pulled out of a joint statement while citing "false statements " by Canada's prime minister, Justin Trudeau . He also attacked Trudeau's character, calling the Liberal Party leader meek, weak and dishonest.
They released a statement through a spokesperson that slammed the rumours as "very bizarre" and an "embarrassing waste of time". The family gathered together to celebrate David's birthday just last month, with son Brooklyn flying in to surprise him.
Salman Khan's fans are going berserk with booking "n' number of tickets before reading the reviews of his film". Zero also stars Anushka Sharma, who will apparently be seen as a scientist struggling to be successful.
The first set had taken 57 minutes, in stiflingly humid conditions, but there was to be no let-up for the underdog in the second. Halep could have been forgiven if she had made a decision to give up on her Grand Slam dream throughout this painful process.
The DA's office did not specify the timing of the alleged incident or say how long the case would be under review. Media reports from a year ago , however, outline at least two alleged incidents of sexual assault from his past.
And with that, we want you to meet Kaitlyn Strom. "It did fit, but it didn't want to come back out", Kaitlyn continued. Video of the rescue was posted on Facebook by Billy Little , and has since been watched over 2 million times.
Trials Rising announced | PC
During Ubisoft's E3 2018 press conference, RedLynx took to the stage to show off a brand new Trials game, called Trials Rising . Trials Rising now has a February 2019 release window, and will come out for Nintendo Switch , Xbox One, PlayStation 4, and PC.
Opportunity rover goes dark during Mars dust storm
The rover needs help from heaters to protect its batteries, much like running a vehicle in the winter to protect battery life. This storm, Zurek said, should die out before that landing, although there is a chance a second storm could later form.
US looks to reassure Asian allies after North Korea summit
A man pushes his bicycle near a mural of North Korean leaders Kim Il-sung and Kim Jong-il in Pyongyang after the Singapore summit. Meanwhile, allies and analysts were left scratching their heads over what President Trump and Kim Jong-un actually agreed to .
Raging bull Robert De Niro hits Trump with F-bomb rant
His economic adviser then went on CNN to say that Trudeau had "stabbed Trump in the back" with his comments on tariffs. But, not surprisingly, the Twitterverse blew up with people curious about what De Niro had uttered.