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Air taxi startup Volocopter to sell 150 aircraft to China JV By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A prototype for an electric air-taxi drone from Germany. It takes off and land vertically over Le Bourget, France. This is June 21st, 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 counts Daimler, BlackRock (NYSE) and Intel Capital (NASDAQ) Capital as its investors. The company said that the joint venture will see eVTOL planes being brought to China by Volocopter over the next three to five-years.

In a statement, Florian Reuter (Volocopter’s chief Executive Officer) stated that China is the “biggest market opportunity” in the urban air mobility sector.

Volocopter didn’t disclose financial details about the sale. In April, the company announced that it had formed a joint venture with Zhejiang Geely’s Aerofugia.

Volocopter raised EUR 322million ($377.87million) from investors and added that Zhejiang Geely’s top boss Daniel Li Donghui joined the advisory board.

($1 = 0.8522 euros)

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