Germany and the US join forces on new eVTOL: German auto manufacturer Stellantis and US-based aircraft maker Archer are partnering up to manufacture a new electric vertical take-off and landing aircraft (eVTOL) by 2024, according to a company statement. Stellantis will provide USD 150 mn in equity funding to bolster Archer’s production capacity to be disbursed by the former at its discretion in 2023 and 2024. The German automaker also announced that it is eyeing an increased stake in Archer through stock purchases.

SOUND SMART- What are eVTOLs and how do they work? eVTOLS are drone-like aircraft that use electric propulsion and large omnidirectional fans to allow them to takeoff vertically and to act like air taxis. They are meant to be energy efficient, quiet, environmentally friendly, and eventually pilotless. Beyond their applications as air taxis, the vehicles are expected to be able to operate on an inter-city basis and even be used for cargo shipping.

The specs: The eVTOL — named Midnight — will transport 5 passengers and have a flight range exceeding 160 kilometers with a top speed of over 240 km per hour, the statement notes. The aircraft is designed with short commutes in mind, with back-to-back trips over 30 kms being the primary target and short charging intervals of 10 minutes in between flights, Archer details on its website.

eVTOLs are drawing heavy interest from MENA: Saudi Arabia’s Neom invested USD 175 mn as part of a series E investment in German electric vertical takeoff and landing (eVTOL) vehicle maker Volocopter. Neom signed a JV agreement with the German firm late last year to design, implement, and operate a tailored and customized public vertical mobility system in the smart city.

The EV air mobility market is on track to boom: The global urban air mobility market was valued at USD 2.3 bn in 2021 and is projected to reach USD 30.7 bn by 2031. KSA’s national flag carrier Saudia signed in October an agreement with German aircraft maker Lilium to purchase 100 electric jets, while UAE-based charter flight operator Falcon Aviation Services is buying up to 35 flying taxis from electric aircraft company Eve Holding, with deliveries expected to start in 2026.