Categories LATEST

Elon Musk offers LA residents $1 per ride in underground tunnels

As usual, Tesla (TSLA) CEO Elon Musk did not disappoint those who were eagerly waiting for his comments at the community meeting of his Boring Company in a Los Angeles neighborhood. While answering questions about his ambitious underground rapid transport system, Musk assured Los Angeles residents that a ride in the “Loop” system the company is developing beneath the city will cost $1.

According to the billionaire businessman, who described the LA transport network as “soul-destroying traffic”, the pods used for the mass transit will have the capacity to carry 16 passengers and travel at speeds of up to 150 mph.

Musk also sought the participation of the community members in the process, and offered free ride for those who would want to test the underground tunnels. Another point stressed by him is the viability and safety aspects of the project, which is learned to be under the review of the LA Metro.

Fashioned as a typical highway with a series of loops connected to it, the tunnel system creates minimal noise and is touted as a solution to the crippling traffic congestion on city roads.

While elaborating on the boring activities that employ special electric motors, Musk said the hyperloop is designed to ply between multiple cities – San Francisco to LA and New York to Baltimore. The rocket techniques perfected by his company SpaceX will be used for building the vacuum tunnels for the transit system.

The underground tunnel system envisaged by Musk has raised many eyebrows for the unconventional method adopted for its development. Meanwhile, Musk’s company is facing legal action from certain members of the local community who challenge the approval granted for the project.

The idea is to take cars and other vehicles to underground electric platforms, or stations, using street-level elevators. And, the transit system will take the passengers through a network of tunnels to stations nearest to their destinations.

Interestingly, the maverick entrepreneur seems to have solutions for most of the common issues associated with tunnel boring, and some of them are exceptionally innovative. For example, he is planning to make highly durable bricks and large Lego kits from the dirt removed from the tunnels. Musk also claims to have built a battery-powered locomotive for removing, which will surprisingly run on Model 3 engines and batteries.

Tesla shares ended the last trading session lower, continuing the recent trend, and slipped further in the premarket Friday.

Most Popular

Infographic: How Lennar Corporation (LEN) performed in Q3 2024

Lennar Corporation (NYSE: LEN) reported total revenues of $9.4 billion for the third quarter of 2024, which was up 8% from the same period last year. Net earnings attributable to

FDX Earnings: FedEx Q1 2025 revenue and profit miss analysts’ estimates

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decrease in revenues and adjusted earnings for the first quarter of 2025. The results also fell short of expectations. First-quarter earnings,

Signet (SIG) remains optimistic about its fiscal year 2025 performance, here’s why

Shares of Signet Jewelers Limited (NYSE: SIG) were up over 4% on Thursday. The stock has gained 24% over the past one month. The jewelry retailer saw revenue and profits

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top