Hyperdrive
Chinese Auto Giant Invests in Flying-Car Startup Volocopter
- Germany-based Volocopter conducted successful test in Finland
- Billionaire Li wants ‘urban air mobility’ in Chinese cities
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Billionaire Li Shufu’s Zhejiang Geely Holding Group agreed to invest in flying-car developer Volocopter GmbH as the Chinese auto giant diversifies into technologies that eventually could supplant the traditional gas guzzler.
Geely, which owns Volvo Cars and a stake in Daimler AG, led a round of investment that raised 50 million euros ($55 million) to help the VoloCity air taxi launch commercially within the next three years, the companies said Monday. Geely and Bruchsal, Germany-based Volocopter agreed to form a joint venture planning to bring airborne cars to China.