Mexican Media Brands
Geely Invests in Second Flying Car Company
Zhejiang Geely Holding Group, which acquired flying car developer Terrafugia Inc. two years ago, has invested in German startup Volocopter GmbH.
#hybrid
Share
Zhejiang Geely Holding Group, which acquired flying car developer Terrafugia Inc. two years ago, has invested in German startup Volocopter GmbH.
The Chinese carmaker led the third-round funding that raised €50 million ($55 million). Daimler AG, which invested in Volcopter in 2017, also contributed to the new round.
Volocopter has now raised €85 million ($94 million). The money will go toward research and development, meeting safety and regulatory requirements, expanding business partnerships and eventually launching commercial air taxi and cargo delivery services.
As part of its investment, Geely will get about a 10% stake in Volocopter. Co-founders Alexander Zosel and Stephan Wolf continue to hold a controlling interest in the company.
Volocopter, which has been testing autonomous vertical takeoff and landing aircraft for several years, originally aimed to launch commercial applications by late 2017. The company now is targeting pilot programs in Dubai, Singapore and an unnamed European city early next decade. It also will work with Geely on applications in China.
RELATED CONTENT
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
GM Seeks to Avert U.S. Plant Shutdowns Linked to Supplier Bankruptcy
General Motors Co. says it hopes to claim equipment and inventory from a bankrupt interior trim supplier to avoid being forced to idle all 19 of its U.S. assembly plants.
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
