Many startups, as well as aircraft manufacturers and automakers, are developing this zero-emission aircraft, which can take off and land like a helicopter and transport passengers and cargo, but their road to profitability is still long.
Hyundai Motor Co. and General Motors Co. said on Monday that they are advancing the development of flying cars, and the South Korean company is optimistic about launching and operating an air taxi service as early as 2025. A GM executive stated that it can.
By 2030, air taxi services can overcome technical and regulatory barriers and be commercialized. Zero-emission aircraft take off and land like a helicopter, carrying passengers and cargo. They are being developed by various start-ups as well as aircraft manufacturers and automakers, but they face a long road to profitability.
The company’s director of global operations, José Muñoz, said in an interview at the Reuters Event Future Cars conference on Monday that the company has announced a timetable for the deployment of aerial vehicles. Muñoz, who is also the CEO of Hyundai North America, has previously stated that by 2028, perhaps earlier, urban air taxis will be put into operation at major US airports.
He told Reuters on Monday that this could happen before 2025. “We see this market as an important growth opportunity,” Muñoz said, adding that he is “very confident” in the development of this technology. Hyundai is developing battery-electric air taxis that can transport 5 to 6 people from highly crowded urban centers.
To the airport. Other automakers that develop flying cars individually or with start-ups include Toyota Motor Corporation, Daimler AG, and China Geely Automobile Holdings. “I think there is still a long way to go,” said Pamela Fletcher, vice president of GM’s global innovation team. He said at the Reuters event. “2030 may be a real turning point in business.” She added: “This is a very nascent field.
There is a lot of work to be done in terms of regulation and current technology.” In January, General Motors launched a Flying Cadillac concept car. Morgan Stanley estimates that by 2040, the total potential market for urban air traffic may reach US$1 trillion, and by 2050 it will reach US$9 trillion.
In 2019, Hyundai has a dedicated urban air transportation department headed by former NASA engineer Jaiwon Shin and promised to invest approximately US$1.5 billion in urban air transportation by 2025. There is also commercial freight. Muñoz said Hyundai does not want to sell flying cars as a simple transaction but believes it can develop services around flying vehicles.