One of the key innovations expected at this year’s Paris Olympics was an electric flying taxi service, with Germany’s Volocopter planning to operate its two-seater VoloCity aircraft. However, the service never materialized, and instead, the company only conducted demonstration flights. Behind the scenes, Volocopter faced a more critical issue—struggling to secure new investment to stay afloat. Efforts to secure a €100m loan from the government failed earlier this year.
Currently, Volocopter is in negotiations with China’s Geely to secure $95m in funding in exchange for an 85% stake in the company. This deal could result in future manufacturing moving to China. Volocopter is part of a growing global industry focused on electric vertical take-off and landing (EVTOL) aircraft, which promise helicopter-like flexibility with lower costs, noise, and emissions. However, the high costs of regulatory approval and manufacturing have led some investors to withdraw.
NEWS DESK
PRESS UPDATE