The BFR is less expensive than the company`s Falcon 1, Falcon 9 and Falcon Heavy rocket systems, according to SpaceX.
Musk said he wants to land at least two cargo ships on Mars by 2022, in a move to confirm water resources and identify hazards as well as set up power mining and life-support infrastructure for future flights.
"I feel fairly confident we can build the ship and be ready for the launch in five years. Five years seems like a long time for me," he said.
Additionally, Musk said he wanted ships to take the first people and more equipment and supplies as well as build up a base to prepare for expansion on Mars by 2024, noting he wanted to make the red planet "a nice place to be."
At the same time, Musk added that the same technology could speed transportation on earth.
"If you build a ship that`s capable of going to Mars, what if you take that same ship and use it to go from place to place on earth," he asked, showing a promotional video of a rocket taking passengers from New York City to Shanghai in 30 minutes.
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