Musk's Boring Company to build high-speed system in Chicago

Chicago has selected Elon Musk's Boring company to build its high-speed underground commuter system, according to The Chicago Tribune.

The system will transport passengers from the Loop to O'Hare International Airport - one of the world's busiest. The passenger vehicles will travel up to 150 miles per hour and will cut the current 30 to 45 minute trip from the airport and Chicago's business district to 12 minutes - according to Boring Company. They say that the project will be "100 percent privately funded."

This comes about a month after Musk announced a plan for a high-speed network of "personalized mass transit tunnels" under Los Angeles. 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.

"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 an event. "Almost like an autonomous, underground, multi-level car system."

FOX Business' Thomas Barrabi contributed to this article.