Silicon Valley Challenger poised to snap up Volocopter for €10 Million
Private enterprise Wanfeng, based in China, tenders 10 million euros for Volocopter ownership - Chinese firm Wanfeng makes 10 million euro bid for Volocopter aircraft
Hey there! Got a juicy bit of tech news for ya.
Automotive powerhouse Zhejiang Wanfeng Auto Wheel, a major Chinese conglomerate, has set its sights on Volocopter - the hotshot player in the electric, vertical takeoff and landing (eVTOL) aircraft market. In a statement reminiscent of a blockbuster movie plot twist, Wanfeng announced their intentions to acquire Volocopter, and their intellectual property, through their aviation subsidiary.
According to recent reports, Wanfeng signed a contract for the acquisition via a newly-formed subsidiary in Berlin, with the goal of speeding up Volocopter's growth and application in the low-altitude flight sector.
Volocopter, infamous for its impending insolvency in December, has now found a potential lifeline. Though the company reportedly continued operations during its hunt for investors, competitor Lilium also halted operations due to the hefty costs associated with developing flying taxis. Despite their pleas for funding from the state, both companies, pioneers in the eVTOL industry, came up empty-handed.
Founded in 2011, Volocopter has been steadfast in its pursuit of certification for their Volocity eVTOL flying taxi, aiming to showcase its flying feat at last summer's Paris Olympic Games. However, the company ultimately failed to secure the necessary permissions. Volocopter maintains they're right on the brink of obtaining certification, but time is running out.
This potential acquisition could mark a significant shift in the eVTOL market, with Wanfeng ready to toss a cool €10 million into the game. Whether this move gives Volocopter the edge it needs to achieve certification and conquer the skies remains to be seen. Fingers crossed for those dreaming of the future of urban travel.
- Bruchsal
- Auto
- Berlin
- eVTOL
- flying taxi
- European tech market
- Although Volocopter, the European tech market's eVTOL pioneer, announced its impending insolvency in December, it seems they may have found a lifeline with Zhejiang Wanfeng Auto Wheel, a Chinese conglomerate.
- Contrary to the company operating as usual while seeking investors, other players in the eVTOL industry like Lilium, faced similar predicaments due to the high costs of developing flying taxis, resulting in temporary halts in their operations.
- With Wanfeng's planned acquisition of Volocopter for €10 million, the automotive powerhouse looks to accelerate its growth and application in the low-altitude flight sector, potentially enabling Volocopter to secure certification and conquer the skies with their Volocity flying taxi.
