Hyundai is pushing forward with the development of flying cars and believes that it could have air taxis in operation by the middle of the current decade.
This bold prediction was made to Reuters by the COO of Hyundai‘s global operation and CEO of Hyundai North America, Jose Munoz, who claimed that the company might be ready for customer flights by 2025. That’s sooner than previous estimates, which suggested that Hyundai could have flying taxis at major US airports by 2028.
Read More: Hyundai Eager To Speed Up Development Of Flying Vehicles
The air taxis that Hyundai has shown off previously are quadcopters powered by batteries. Indeed, the company recently announced a $7.4 billion investment in the U.S. to produce electric vehicles and develop smart mobility solutions, including flying cars, per Reuters.
“We see this market as a significant growth opportunity,” Munoz said.
Hyundai’s base of operations for the technology is currently in Washington state, though it also has plans to open infrastructures elsewhere, like a passenger drone airport in the UK.
Although some consider the technology to be well into the future, Munoz said that Hyundai doesn’t want to be left behind playing catch up. Indeed, Morgan Stanley has predicted that the urban air mobility market could be worth up to $1 trillion by 2040.
“When it comes to future technology… it’s never too soon. The pioneers are the winners,” Munoz said.
The company doesn’t want to just sell flying taxis as a simple transaction, though. The business model will be more nuanced and Munoz believes Hyundai can develop services around the vehicles and even use them for commercial cargo.
In 2019, Hyundai pledged $1.5 billion over six years to its flying vehicle unit. Several other automakers, including Toyota, Daimler, and Geely are also invested in the race for flying passenger vehicles.
