Fast lane to the future: Entrepreneur Elon Musk announces plans for futuristic Chicago transit system

Entrepreneur Elon Musk has announced the launch of a futuristic new transit system between Chicago and O'Hare International Airport.

The underground electric vehicles, which will travel at speeds of up to 150km an hour, are expected to run in around three years' time, Nine News reports.

The transport time will take 12 minutes, compared to 40 minutes by train and around 80 minutes by car.

Mr Musk joined Chicago Mayor Rahm Emanuel to formally announce Mr Musk's insfrastructure and tunnel construction company, The Boring Company, will fully fund and build the project.

Mr Emanuel called the new transit system "the fast lane to Chicago's future".

"Chicago is always looking at what's possible and then making it achievable. There are doubters along the way all the time who sit on the sideline and then when the thing gets built and opportunities come and the job growth happens, you can't find them."

Mr Musk said the company will begin digging the dual tunnels for the project after receiving the necessary regulatory approvals, which is expected to take several months.

"I'd hope that you'd cheer us on, because if we succeed it's going to be a great thing for the city, and if we fail, well I guess me and others will lose a bunch of money," Mr Musk said.