Geely, Volocopter enter into venture to make urban air mobility a reality

Driven by state-of-the-art technology, Geely Holding Group has invested in Germany-based flying-car developer Volocopter GmbH.

Geely, which owns Volvo Cars and has a stake in Daimler AG, led a round of investment that raised US$55mn to help the VoloCity air taxi launch commercially within the next three years. Geely’s investment comes as the world is looking towards newenergy vehicles, rather than internal-combustion engines, in a bid to reduce air pollution.

Volocopter recently presented the design for VoloCity, the new air taxi, which has been created according to the specifications put forward by EASA (European Aviation Safety Authority). Volocopter performed a piloted flight integrated in the air traffic management system at Helsinki International Airport in late August, thus proving the compatibility of air taxis with existing air traffic management solutions.

Speaking on the occasion, Li

Shufu, chairman of Geely Holding, said, “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of nextgeneration technologies. Our latest cooperation with Daimler, building on our partnership in smart and premium ride-hailing services, as well as our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services.”

Florian Reuter, CEO of Volocopter, added, “Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies. This funding round is allowing us to take great strides towards bringing Urban Air Mobility to life whilst being respectful of our shareholder’s money.”

Ola Källenius, chairman of the

Board of Management of Daimler AG, commented saying, “We are delighted to see our partners at Geely investing into Volocopter and becoming shareholders as we are since 2017. Daimler is committed to supporting innovative new mobility services. One exciting example is Volocopter and the idea of urban air transport.”

Geely also has investments in US-based Terrafugia flying cars, Lotus racing cars, London Taxi Company and Proton.