Electric flying cars can use both air and ground transportation. This idea is not farfetched. There are companies and start-ups working on prototypes. The development of these vehicles will transform the global transportation market. It will also transform our daily lives. Electric flying cars need a strong battery for them to operate. This is what most automakers are focused on. It will take some time before companies' mass produce these vehicles. Research and development efforts are also taking place. This creates room for innovation and growth.
Electric flying cars will create a new market in the transport industry. This will improve the lives of many people. It will also create opportunities and challenges. New flight technologies have to be developed. Some of which never existed before. General Motors wants to explore this market. The market has a lot of potential for growth. An announcement made by Chief Executive of GM Mary Barra revealed GM's plans. The automaker is weighing its options in the air taxi market.
Air Taxi Market Has a Promising Future
Electric flying cars use electric motors and vertical take-off and landing performance. These will form a critical part of the air taxi market. The design allows them to operate without the need for long runways. They also have rotors or rotating wings. This gives them the capability to fly at low-level routes. Their use relieves traffic congestion on the roads. But when they become popular they'll cause air traffic congestion.
GM's shares rose to 5.4% due to this developments. A total of $2.3 billion in investments has been made thus far. Both private and corporate investors are keen on this market. More than 100 aerial vehicle start-ups have emerged in the last few years. These start-ups are developing electric flying cars, drones, and electric air taxis. However, the main challenge involves the profitability and commercialization of the technology involved.
Aero Mobility Market has Sparked Interest Amongst Automakers
GM is weighing its options on electric flying cars. The company has options to partner, build, or supply. Although there are many opportunities for growth, it will take time. GM's interest in the electric flying car market is part of its innovation program. Electric flying cars are hard to produce on a large scale. This is why GM needs to research and develop new technologies. This is where partnerships come into play. One of such partnerships involves Hyundai and Uber. The two companies are working on electric flying cars. These vehicles will be used as aerial taxi. This will provide travelers with different options. It will also decongest road traffic in many cities.
Electric flying cars are likely to take time before they're mass produced. However, investors are supporting start-ups in this industry. This support is helping start-ups to make progress. It's hard to determine when these vehicles will start operations. However, they'll bring about a lot of changes in the market. Some of these changes are necessary.