On Wednesday, Elon Musk shared a video showing The Boring Company's first car elevator being tested. The elevator, installed on June 30, is part of the Boring Company's electric sled concept, which was designed to ferry vehicles — and eventually even people — down to the tunnel system.

According to the Boring Company's website, the electric sleds are capable of traveling at speeds of 200 k/h (125 mph). The sleds are a critical component of Musk's revolutionary transportation concept, and would also allow the Boring Company to construct tunnels that are supposedly smaller in diameter than regular tunnels in order to reduce costs.

With support from the local government of Los Angeles, the Boring Company was able to finish the first segment of its tunnel system, designed to run from LAX to Union Station. Apart from L.A., Chicago's mayorRahm Emmanuel, has expressed interest in the development of a similar tunnel system in order to improve traffic surrounding the city's airport.

Musk already has his hands full this year, with the recent release of the Tesla Model 3 and SpaceX's reusable rocket launches and ever-evolving plans for Mars. Musk also recently stated that he'd received verbal approval from a federal official to build a DC-New York Hyperloop — which would also make use of the Boring Company's tunnels — but that plan is still a long way off.

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