Boring Company ‘Loop’ rides will cost $1, Elon Musk says

Tech entrepreneur Elon Musk said he envisions a cheap price for a one-ride fare on his Boring Company’s “Loop” mass-transit system when the project goes into service.

Loop commuters will pay just $1 per trip from downtown Los Angeles to L.A. International Airport, which, according to the Boring Company’s concept, would take just eight minutes per 11-mile ride, Musk said, while outlining the company’s plans at a forum event in the city. The Loop system would transport 16 passengers per ride at speeds of roughly 150 miles per hour.

“This system is designed to be more like a highway and a bunch of off-ramps and loops connecting to the highway, kind of like cars,” Musk said at the event on Thursday. “Almost like an autonomous, underground, multi-level car system.”

Musk, who also serves as CEO of electric-car maker Tesla and rocket maker SpaceX, launched the Boring Company in late 2016 in a bid to address traffic congestion in Los Angeles. The company is in the process of digging a Loop tunnel under Los Angeles – a process that is nearly complete, according to a recent tweet from Musk.

While the Boring Company mostly operates as a tunnel-boring firm, Musk’s brainchild has also garnered attention for some unlikely product launches. The company is set to begin deliveries of $500 flamethrowers it sold to 20,000 customers, Musk said. It has also sold branded hats and has plans to sell “Lego-like” building bricks.