New transportation design touted as fast, cheap, self-powered

Posted at 5:39 AM, Aug 12, 2013
and last updated 2013-08-12 01:46:05-04

SAN JOSE, Calif. (AP) — Billionaire entrepreneur Elon Musk is promising to reveal design plans Monday for a transportation system that's twice as fast as an airplane, cheaper than a bullet train and completely self-powered.

Musk has been dropping hints about his "Hyperloop" system for more than a year and says it would move people from Los Angeles to San Francisco in half an hour.

It may sound far-fetched. But Musk has earned his reputation as an inventor, co-founding online payment firm PayPal, electric luxury carmaker Tesla Motors and rocket-building company SpaceX.

Musk said last week that he would fulfill his commitment to publishing a Hyperloop design, but he's too focused on other projects to actually build it.

He says the design will be open source, meaning anyone can use it and improve it.