Flying Taxi Development Accelerates
Hyundai and GM Are Pushing eVTOL Development
Hyundai Sees Flying Taxi Commercialization in US By 2025
GM and Hyundai are accelerating their development of flying cars. South Korea automaker Hyundai believes it could have an air taxi service operational within four years and possibly before 2025. GM believes its air taxi service will be up and running by 2030 because of technical and regulatory issues that the entire industry needs to address. There are a growing number of developers in the field ranging from startups to global airplane makers like Airbus. The flying cars under development are largely eVTOLs or electric, vertical takeoff and landing vehicles. They take off and land like a helicopter and fly like a plane. They are powered by electric batteries with zero emissions.
Hyundai in aTake Off Mode
Hyundai says it is already ahead of schedule to roll out air mobility vehicles. Hyundai COO and CEO North America Jose Munoz says that he thinks air taxis could be operational at major US airports before 2025. Hyundai previously targeted 2028. He says he is very confident in the technology and calls it a significant growth opportunity. The Hyundai eVTOL will be able to carry 5 to 6 people.
GM's Flying Cadillac
GM, earlier in 2021, unveiled an eVTOL concept under the Cadillac brand. CEO Mary Barra is a believer in electric air mobility vehicles. Under her leadership, the eVTOL Cadillac concept continues to be developed. The urban air mobility market could hit $1 Trillion by 2040 and $9 Trillion by 2050, according to Morgan Stanley estimates. Hyundai sees flying taxis not only being used to transport humans but also cargo. Hyundai has a dedicated Urban Air Mobility division and pledges to invest $1.5 Billion in it by 2025. Other major automakers like Toyota, Daimler and Geely of China are also developing their own flying cars.
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