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Air taxi startup Volocopter to sell 150 aircraft to China JV

Stock Markets20 minutes ago (Sep 22, 2021 01:51PM ET)

(C) Reuters. FILE PHOTO: A prototype of an electrical air-taxi drone by German start-up Volocopter that takes off and lands vertically performs a non-passenger flight over Le Bourget airport, near Paris, France, June 21, 2021. REUTERS/Christian Hartmann

(Reuters) – German flying taxi startup Volocopter said on Wednesday it would sell 150 electric vertical take-off and landing (eVTOL) aircraft to its joint venture with a unit of Chinese automaker Zhejiang Geely Holding Group.

Volocopter, which counts Daimler (OTC:DDAIF), BlackRock (NYSE:BLK) and Intel (NASDAQ:INTC) Capital as some of its investors, said it expects the partnership to bring eVTOL aircraft to China within the next three to five years.

China represents the “biggest single market opportunity” for the urban air mobility industry, said Florian Reuter, Volocopter’s chief executive officer, in a statement.

Volocopter did not disclose any financial details of the sale. The company in April had announced the formation of the joint venture with Zhejiang Geely’s Aerofugia.

Volocopter, which has raised EUR 322 million ($377.87 million) from its investors, added that Zhejiang Geely’s top boss Daniel Li Donghui had joined its advisory board.

($1 = 0.8522 euros)

Air taxi startup Volocopter to sell 150 aircraft to China JV

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