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MIAMI (CBSMiami) — SpaceX Chief Elon Musk unveiled his updated plans to colonize Mars along with a smaller reusable rocket designed to go to the Red Planet.

That same rocket will take humans from Los Angeles to London in just 32 Minutes.

The billionaire founder of SpaceX unveiled incredible plans Friday morning, introducing a future rocket that could travel throughout our solar system and also potentially revolutionize transportation here on Earth.

Their “Big Falcon Rocket’ would fly at a maximum speed of 18,000 miles per hour.

Musk says it will transport humans anywhere on this planet in under an hour for around the same price as an economy airline ticket.

The tech mogul also announced new details on his plan to colonize mars.

“I can’t think of anything more exciting than going out there and being among the stars,” said Musk.

SpaceX plans to send two cargo ships to the red planet in 2022.

In 2024, comes the first manned mission to Mars.

The redesigned SpaceX rocket will be reusable and hold about 100 people and include common areas, a galley, and a solar storm shelter.

One big question is the cost of the 140 million mile trip to Mars. Last year, musk said it would be about $200 thousand dollars a ticket.

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