The German company, which is working on a flying taxi, Volocopter raised 50 million euros (55.3 million US dollars) from Geely. The new funds will be used to achieve the Volocopter goal of launching a commercial air taxi service operating on an electric aircraft with 18 propellers over the next three years.
Besides conducting this round of financing, Geely will also create a joint venture with Volocopter to relocate the startup’s production to China.
It is worth noting that Geely is not the only large company that is interested in Volocopter. Daimler, the parent company of Mercedes-Benz, invested $30 million in the startup in 2017. Shortly afterward, Intel announced that it would provide technical support to a German startup.
Volocopter says its aircraft will fly only short distances. The prototype with 18 rotors has a flight time of 30 minutes and a maximum range of 27 km (17 miles). But it is possible that the technology of lithium-ion batteries will be improved over the next years and these numbers will be corrected.