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Geely invests in Volocopter for flying car business

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(Xinhua/NAN) Chinese private carmaker, Zhejiang Geely Holding Group, on Monday announced its willingness to buy shares in the German aircraft manufacturer, Volocopter.

Both Geely and German automaker, Daimler AG, joined Volocopter’s Series C funding round for 50 million euros.

Through the financing, each of the two parties will acquire 10 per cent of shares in Volocopter.

The new fund will be used to bring Volocopter’s Volocity air taxi to commercial launch in three years when Volocopter hopes to obtain commercial certificate by the Aviation Safety Authority (EASA) for the electric flying vehicle.

The two-seat flying car is designed with a flying speed of 110 kilometres per hour in a single range of 35 kilometres, which can be applied for short-distance travel.

The company chairman, Li Shufu, said Geely has also agreed to enter a joint venture with Volocopter to bring the urban air mobility technology to China.

Geely, with brands of Geely and Volvo cars, has formed a partnership with Daimler AG for developing smart electric models in China.

The joint investment in Volocopter is the two parties’ new cooperation commitment.

The two companies announced in March to set up a joint venture to operate and develop premium-electric vehicles for global markets.

The joint venture is expected to be finalised by the end of 2019 with the two companies each holding a 50 per cent stake. (Xinhua/NAN)

HLM/AIB

Edited by Hadiza Mohammed/Abdulfatah Babatunde