On Thursday, Elon Musk held an information session at a synagogue in Los Angeles where he theorized that one Loop ride in his Boring tunnel would only cost $1.

Yes, you read that right. According to The Boring Company CEO Elon Musk, the 8-minute Loop ride, which will take residents from downtown LA to the Los Angeles International Airport, would only cost $1. To date, it takes about 30 to 40 minutes to drive from downtown LA to LAX.

Not only is the Loop pod ride cheap, but it is also fast, “safe”, and convenient.

As per the initial concept design released by The Boring Company, each pod would have the capacity to carry a vehicle or up to 16 passengers. It will have maximum speeds of up to 150 mph.

Musk also laid out his plan to build a network of underground tunnels all over LA that would have mini-stations. The latter would allegedly be the size of a parking spot and would be able to carry passengers from street level to the underground tunnel system in Loop pods.

Read More: The First Boring Company Tunnel Under LA is Almost Done

“For tunnels, you can have hundreds of lanes, there’s no real limit,” Musk said.

The tech genius billionaire also mentioned that the tunnels could go deeper depending on the demand. Musk also didn’t hesitate to dig into UberAir and its future UberAir taxis.

Read More: Uber Elevate Reveals Designs of Future UberAir Skyports

“You can’t fly the quietest helicopters through neighborhoods without bothering people,” he said.

The tech mogul hopes that the Loop will be able to solve the traffic problems not just of LA but of other highly congested cities as well.

Just last week, Musk shared on his official Instagram account a short clip of the company’s nearly finished “testbed” tunnel in LA. The Boring Company is currently preparing to develop the 2.7-mile test tunnel that will run under private properties. The project is said to be funded privately.

Once the test tunnel has been completed, Musk and his company would offer free Loop rides for a couple of months.

Do you believe that Musk’s Loop ride is a solution for the worsening case of traffic in the United States?

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