Flying Taxis

Issue 75

Several companies have been working towards the development of a flying taxi, but one specific company has been receiving growing support from investors.

Vertical Aerospace Group Ltd. is a U.K. based company that is currently in the development of electric air taxis that will undergo their first test flight later this year.  The electric aircraft’s movement will function similar to that of a helicopter and will be able to carry a total of four passengers.  If testing is to move forward without any significant setbacks, the company is expected to release its electric aircraft for commercial use by 2024

Investors have begun to pile into Vertical Aerospace’s new electric taxi with American Airlines Group Inc. prepared to invest $25 million into the startup and intends on purchasing 250-1,000 aircrafts upon release.  Other notable investors include Honeywell International Inc., Rolls Royce Holdings PLC., and Microsoft Corp.

The push towards electric flying taxis will hopefully reduce the carbon footprint of transportation companies while also improving the efficiency of urban travel.  These vehicles are not designed to travel long distances but with proper infrastructure developments, air taxis can become an efficient means of travel in high-density areas.

Source: Wall Street Journal