Chinese carmakers race to build early advantage in flying car ventures after EV rivalry
The government forecasts the low-altitude mobility economy will increase more than fivefold to US$486 billion by 2035 from last year
AeroHT last week filed an application to the Civil Aviation Administration of China (CAAC) for a licence to build its first flying car, according to a statement. Ehang has obtained a licence to offer low-altitude air travel services to passengers.
Hongqi, a unit of the mainland’s oldest carmaker FAW Group, Geely Auto and other players like GAC Group and Chery Automobile are dedicating a lot of resources to the research and development of flying cars or drones, offering urban air mobility to overcome traffic gridlock in urban cities.
“The flying cars will take some time before they generate profits, given the high production costs and small demand at present,” said Yin Ran, an angel investor in Shanghai. “The leading carmakers are investing [in them] for the future because they design and manufacture fancy transport tools to display their technology advancements.”
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Flying taxis, airships and drones: the rise of China's low-altitude economy
The low-altitude economy refers to businesses operating aerial vehicles below 1,000 metres. As part of the aviation industry’s focus on aerial connectivity in and around cities, it has gained momentum since 2021 when Beijing introduced policies and regulations to support the sector.