The rocket and vehicle entrepreneur told an audience in Adelaide, Australia, that he would begin building the necessary ships to support the mission next year.
Here are the highlights of Musk's latest presentation.
Another key element that Musk said will make the new system fully and rapidly reusable is supersonic retro-propulsion.
But the truth of the matter was that this was the registration cost to attend the week-long conference.
One of Musk's big updates is that he plans to pay for the Mars missions by making the BFR SpaceX's standard booster and the Transport the standard vehicle - replacing all the other Falcon marks as well as the cargo and crew Dragons. While Sydney to London would take 51 minutes, other routes would take 30 minutes or less, he said. Musk proposes that the BFR reach outer Earth orbit where the ship is refueled before heading off to Mars.
Elon Musk is at it again.
On top of the 13 launches in 2017, SpaceX has several more missions on its manifest for the remainder of the year.
"If we're going to places like Mars, why not Earth?" "So, we did that". People could start heading to Mars by 2024, he reckons.
Tesla boss Elon Musk has held a party in South Australia's mid-north to mark the halfway point of construction of the world's most powerful lithium ion battery.
If the concept becomes reality, Musk said a journey from NY to Shanghai can be done in about 30 minutes. There wasn't a heap of detail about how this would work, but it did come with a shiny video, which made it all look very simple, so I believed it.
"We're sort of searching for the right name", Musk said.
"So once you are out of the atmosphere there's no atmosphere. You can get to most long distances in a half hour", he said.
Elon Musk has unveiled his ambitious plans to make city-to-city travel by rocket a reality. The rocket would return to its take-off position, while the spaceship carrying people would land on a floating pad near a major city. His concept of a Mars City might look impressive, but the plan now lacks any details of how the city would be created, supplied with food and made safe for human habitation.