Tesla Motors, Inc. (NASDAQ:TSLA) – Elon Musk’s boring company submits plans to build a tunnel in Miami

Tesla Inc. (NASDAQ: TSLA) Chief by Elon Musk pet-project The boring company submitted a proposal to build a 6.2-mile tunnel in Florida.

If the proposal is accepted, the tunnel will be the fourth to be built and would make Florida the third state to partner with the company.

Where are the current tunnels?

Los Angeles Test Tunnel: The Boring Company began building a 1.14-mile high-speed tunnel in 2017 on a road in Hawthorne, next to SpaceX headquarters. In June 2018, Musk said drilling for the tunnel was complete and it would be open in a few months.

Musk said that while awaiting regulatory approval, people could try it for free. In November 2018, the company announced that the entrance fee for the tunnel would be $1 after allowing free entry on the first day.

Las Vegas Convention Center: Consisting of two tunnels, the company built a system to transport visitors in a loop under the sprawling Las Vegas convention center. The project includes a three-station transportation system consisting of 1.7 miles of tunnel.

Tunneling has occurred at large conventions (>100,000 attendees pre-COVID) with no road closures and no disruption to attendees. The LVCC Loop connects the new LVCC Exhibit Hall to the existing campus and cuts the 45-minute walk time between campuses to approximately 2 minutes.

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Planned Miami Tunnel: The new tunnel, clearly named “The North Miami Beach Loop,” would transport Tesla vehicles between multiple stations along State Road 826, between the Golden Glades Transit Center and Sunny Isles Beach at Newport Pier. However, several additional extensions could be created: one approximately 2.9 miles to Hard Rock Stadium and another approximately 1.86 miles to the Florida International University campus.

This tunnel will have the capacity to carry approximately 7,500 passengers per hour, and this number could be increased to 15,000 passengers per hour in the future.

The project budget is estimated to be between $185 million and $220 million, and according to The Boring Company’s proposal, construction would be completed in less than three years.

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