Deals

Vertical Wins American, Avolon Orders, Plans to Go Public

Company has $4 billion in pre-orders for 1,000 eVTOL aircraft
Commercial flights by ultra short-range craft planned for 2024

American, United Combine To Cut 32,000 Jobs As Aid Talks Drag On — Photographer: Patrick T. Fallon/Bloomberg

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By Crystal Tse, Mary Schlangenstein, and Siddharth Philip

June 10, 2021 at 9:30 PM UTC

Updated on

June 10, 2021 at 11:29 PM UTC

This article is for subscribers only.

Vertical Aerospace Group Ltd., the developer of electric vertical takeoff and landing aircraft, won pre-order contracts of as much as $4 billion as it plans to go public through a merger with a blank-check company.

American Airlines Group Inc., Virgin Atlantic Airways Ltd. and aircraft lessor Avolon Holdings Ltd. agreed to buy as many as 1,000 of the vertical takeoff and landing aircraft, or eVTOLs, from Vertical Aerospace, the company’s first commercial order, according to a statement Thursday.