Stock Market News
Musk's Boring Co wins bid for Chicago high-speed train
Elon Musk's Boring Company is the winner of a bid to build a multibillion-dollar high-speed train to connect downtown Chicago with O'Hare International Airport.
The result will give a boost to the company's legitimacy as it tries to get more transportation projects underway in LA and Washington.
The plan which was proposed to reduce travel time from city center to the airport to no more than 20 minutes had high profile bidders such as engineering firm Mott MacDonald, which worked on the development of a terminal at London Heathrow airport.
Boring Co confirmed the deal on Twitter, saying: "We're really excited to work with the Mayor and the City to bring this new high-speed public transportation system to Chicago".
Musk previously said that he intended to build a high-speed 'Loop' connecting the city with the airport and added that Boring Co planned to charge fares cheaper than the proposal required.
The Loop system will see 12-minute trips in electric vehicles named 'skates', cutting the time down from 30-40 minutes the trip usually takes via train or car.
Chicago Mayor Rahm Emanuel told Mashable: "Bringing Chicago's economic engines closer together will keep the city on the cutting edge of progress, create thousands of good-paying jobs and strengthen our great city for future generations. This transformative project will help Chicago write the next chapter in our legacy of innovation and invention."
The result will give a boost to the company's legitimacy as it tries to get more transportation projects underway in LA and Washington.
The plan which was proposed to reduce travel time from city center to the airport to no more than 20 minutes had high profile bidders such as engineering firm Mott MacDonald, which worked on the development of a terminal at London Heathrow airport.
Boring Co confirmed the deal on Twitter, saying: "We're really excited to work with the Mayor and the City to bring this new high-speed public transportation system to Chicago".
Musk previously said that he intended to build a high-speed 'Loop' connecting the city with the airport and added that Boring Co planned to charge fares cheaper than the proposal required.
The Loop system will see 12-minute trips in electric vehicles named 'skates', cutting the time down from 30-40 minutes the trip usually takes via train or car.
Chicago Mayor Rahm Emanuel told Mashable: "Bringing Chicago's economic engines closer together will keep the city on the cutting edge of progress, create thousands of good-paying jobs and strengthen our great city for future generations. This transformative project will help Chicago write the next chapter in our legacy of innovation and invention."
Related share prices |
---|
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price