CHICAGO — The Boring Company, founded by Tesla CEO Elon Musk, has been selected to build a high-speed underground transportation system that it says will whisk passengers from downtown Chicago to O’Hare International Airport in mere minutes.

Each electric vehicle in the proposed tunnel system will carry eight to 16 people and travel at speeds of 125 to 150 mph (200 to 240 kph), the company said on its website .

The company said it will fund the project in its entirety, and that it plans to collect ticket and advertising revenue. No information has been released about estimated construction costs or when construction might begin.

Announcing the agreement Wednesday night, Adam Collins, a spokesman for Mayor Rahm Emanuel, said the journey will take approximately 12 minutes. That compares to the roughly 40 minutes it currently takes to make it from O’Hare to the city via the Chicago Transportation Authority’s Blue Line train. The alternative — by road — can take more than twice as long.

“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,” Emanuel said in the news release. “This transformative project will help Chicago write the next chapter in our legacy of innovation and invention.”

Rivkin said the estimated fare will be $20 to $25 per ride, which is significantly less than a taxi ride to or from the airport. A Blue Line ticket from O’Hare costs $5.