Billionaire entrepreneur says New York to Washington tunnel could break ground by the end of this year.
Toronto startup will manufacture high-speed pods and establish a consortium to build tube infrastructure.
Top teams will build their pods and test them at the world’s first Hyperloop Test Track, being built adjacent to SpaceX’s headquarters.
The one kilometre track will test a linear electric motor at speeds up to 335 mph.
$150-million 5-mile track will move people at speeds up to 160 mph.
Transport capsules could reach the speed of sound and travel between LA and San Francisco in 30 minutes.