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Volocopter, which counts Daimler (OTC:DDAIF), BlackRock (NYSE:BLK) and Intel (NASDAQ:INTC) Capital as some of its investors, said it expects the partnership to bring eVTOL aircraft to China within the next three to five years.
China represents the “biggest single market opportunity” for the urban air mobility industry, said Florian Reuter, Volocopter’s chief executive officer, in a statement.
Volocopter did not disclose any financial details of the sale. The company in April had announced the formation of the joint venture with Zhejiang Geely’s Aerofugia.
Volocopter, which has raised EUR 322 million ($377.87 million) from its investors, added that Zhejiang Geely’s top boss Daniel Li Donghui had joined its advisory board.
($1 = 0.8522 euros)
