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The Future is Here. Where are the Flying Cars?

For a certain generation growing up on “The Jetsons,” the flying car seemed like an inevitable part of the future. After many deferrals of that dream, now may be the time for flying cars’ coming out party.

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    The Future is Here. Where are the Flying Cars?

    The Future is Here. Where are the Flying Cars?

    For a certain generation growing up on “The Jetsons,” flying cars seemed like an inevitable part of the future. Yet, a future that brought us missions to Mars and tourist travel to outer space has failed to usher in the flying car.

    After many deferrals of that dream, now may be the time for flying cars’ coming out party. According to McKinsey & Company, the future air mobility industry is growing fast with 16,000 orders placed for novel aircraft and propulsion systems, and $15.8 billion in disclosed funding in the last decade.1

    While future air mobility encompasses a range of technologies, from cargo drones to sustainable aviation, the bulk of funding is targeted toward passenger electric vertical take-off and landing (eVTOL) aircraft, aka flying cars.

    Companies at the Vanguard

    There are some 250 companies worldwide and over three dozen startups in the U.S. involved in the development and production of flying cars. Here are some notable examples:

    • Archer Aviation, a California company, has an agreement with Stellantis, a global car manufacturer, to build an electric flying taxi at a factory in Georgia scheduled for initial production in 2024.
    • Kitty Hawk, a New Zealand-based company backed by Larry Page (Google’s co-founder), is developing Heaviside, a personal eVTOL that has a range of 100 miles and a top speed of 180 mph.
    • Joby Aviation, a California company, is producing a five-passenger vehicle that has a 150-mile range with maximum speed of 200 mph. The company expects to have an air taxi service operational by 2024.
    • SkyDrive, a Japanese startup, is planning to demonstrate its personal eVTOL at the 2023 Consumer Electronics Show in Las Vegas, with service in Japan commencing in 2025.
    • AirCar, a Slovakia-based company, recently received an airworthiness certificate, meeting European Aviation Safety Agency standards.
    • Volocopter, a German company, has signed contracts with Los Angeles, Paris, Singapore and Japan to provide air taxis.

    The Road Ahead

    Flying cars may be a solution for growing traffic congestion and auto-related air pollution, though they do confront very challenging hurdles in becoming a part of our future. Among these challenges are regulatory, developing standards and regulations, competing for scarce resources as the traditional auto industry also moves to electric-powered vehicles, inadequate infrastructure, and public acceptance (think NIMBY).

    As is often the case with many new technologies, the early market for flying cars may be limited to commercial users and wealthy individuals until economies of scale allow all of us to live like George Jetson.

    Sources:

    1. https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/future-air-mobility-blog/are-flying-cars-in-our-future

    Please reference disclosures at: https://blog.americanportfolios.com/disclosures/

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