Europe's flying taxi dreams falter as cash runs short

Published On Nov 14, 2024, 7:01 PM

Volocopter's plans to launch an electric flying taxi service in Paris have collapsed, leading to urgent funding struggles, particularly after failed discussions for a €100 million loan. The company is now in talks with China's Geely to secure $95 million in exchange for an 85% stake. The EVTOL market is seeing significant turbulence, with Lilium going into insolvency after failing to secure necessary loans, while Vertical Aerospace faces its own financial struggles, though it may finalize a crucial investment deal soon. Meanwhile, Airbus's CityAirbus NextGen project appears stable due to strong backing and technical capability.