Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group agreed to invest in Volocopter GmbH. Geely, which also owns Volvo and a stake in Daimler AG, raised $55 million. The goal is to make Volocopter operational within three years.
China sees electric power as a way to reduce carbon emissions and air pollution in densely populated areas. Li said, “Geely is transitioning from being an automotive manufacturer to a mobility technology group.”
“Flying cars” are being developed in the U.S. and Japan. Boeing Co., Uber Technologies Inc., Airbus SE, and a Toyota Motor Corp.-backed startup are all working on versions of “flying automobiles.”