Earlier quoted context omitted.
Musk never learned that most of the cost of subways is the stations and supporting infrastructure, not digging the tunnel itself. Musk has not proposed any improvements to the expensive parts of tunneling.
Most of the costs are also emergency systems, such as ventilation and frequent exits. From what I've seen (I'm not an engineer or a tunnel expert), his tunnels do not account for these things. The standards, which cost a lot to meet, are there for a reason.
Versus an electric train. Theoretically, since the energy is transported into the tunnel via power lines, wouldn’t fire suppression and ventilation systems be cheaper since they wouldn’t need to handle so much stored energy potential (via batteries) traveling through a tunnel?