Electric vehicles are seizing the mainstream status of the auto market, though electric flying cars, officially referred to as electric vertical takeoff and landing (eVTOL), have been proposed by numerous startups. Israeli startup AIR announced in October 2021 its new eVTOL, which is scheduled to release in the US during 2024.
AIR has been conforming to the review procedures of the Federal Aviation Administration (FAA) for 2 years, and is expected to obtain the flight permission for its AIR ONE by 2023, which is a 2-seater eVTOL that weighs 970kg and is capable of 177km in mileage. AIR funded US$10 million from the seed round in 2020, which was used to build the prototype and the continuous unmanned testing.
AIR is merely the latest business among numerous startups that are developing electric flying cars. Joby Aviation is developing air taxis, and is now listed through reverse takeover. Vertical Aerospace, who now needs to prepare the first batch of 1,000 units preordered by aircraft leasing company Avolon and American Airlines, is merging with Broadstone Acquisition through a reverse takeover.
AIR commented that it is differentiated from main competitors, who are targeted at airlines and leasing companies that are utilizing the products as commercial flights, in a way that its products are offered directly to consumers when they become available in 2024, and the related designs can be easily maneuvered without the necessity of professional trainings, whereas the price will be similar to that of luxury cars.
The US has a vast open airspace that allows consumers to fly their AIR ONE, which is why AIR believes that the country serves as the most optimal market for the company. AIR hopes to sell 15K units after one year into going public, and is currently conducting the latest round of fundraising in order to complete the review procedure of the FAA.
(Cover photo source: AIR)