Flying car, a.k.a. eVTOL, maker, AutoFlight, revealed its latest major backer to help them continue their next-gen vehicle development, with China's CATL joining the transportation revolution. In this latest venture for the Chinese electric vehicle battery manufacturer, CATL is looking to raise its stakes on the growing 'low-altitude economy' development of the East Asian country.
Through this latest investment, both companies are forging a long-term collaboration that would explore more on the future of eVTOLs being more abundant in the metro.
AutoFlight's Flying Car Gets Backing from Chinese EV Maker, CATL
AutoFlight receives massive backing and R&D help from world's largest EV battery manufacturer, CATL.AutoFlight
The latest press release from AutoFlight officially unveiled the new agreement it has with CATL (Contemporary Amperex Technology Co., Limited), with its deal centering on eVTOLs. While CATL is not an automotive company, it plays a massive role in the car manufacturing world as it is currently the world's largest battery manufacturer for electric vehicles.
AutoFlight shared that part of its agreement is getting millions of dollars from CATL invested in the company, but the exact price of this was not revealed.
It will be a mutual partnership between both Chinese companies, with AutoFlight receiving help not only in a financial sense but also for expediting its eVTOL development.
CATL will also share its expertise in the world of batteries for electric vehicles, with AutoFlight revealing that this centers on improving more of its eVTOL's range and load capacity in the future. This also follows China's significant focus on its low-altitude economy for the domestic setting, centering on various industries that would center on eVTOL operations below 1,000 meters of altitude.
Flying Cars and eVTOLs of China
While it was the Western startups and subsidiaries of massive automotive companies who popularized the flying car business, Chinese companies have been making significant traction in the business as well. The Zhejiang Geely Holding Group, best known for its Geely cars, has a subsidiary called Aerofugia which develops eVTOL, focusing on a tilt-motor configuration.
Another automotive company from China known as XPENG Motors has also unveiled that they are currently in the development of flying cars, centering on its subsidiary known as XPENG AEROHT. The company unveiled its first model known as Land Aircraft Carrier, centering on a two-way capable vehicle for both air and ground-based travel.
China is already seeing a significant rise in its domestic low-altitude economy future where it would be another mode of transportation that would be accessible by the public. That being said, CATL is making a move on eVTOLs through its partnership with AutoFlight, with the EV battery manufacturer helping in the flying car development, also centering on its million-dollar investments.
