Daimler and other firms provide $30 million in funding to Volocopter

Daimler. Reuters[/caption]Daimler joined a consortium which includes technology investor Lukasz Gadowski, who sits on the supervisory board of Delivery Hero, and others, Volocopter said on 1 August.

Volocopter said it is developing a five-seat vertical take off and landing (VTOL) electric vehicle aimed at the taxi market and plans to carry out initial demonstrations in the fourth quarter of 2017.

Potential competitors to Volocopter include German start-ups Lilium Jet and eVolo, as well as U.S.-based Terrafugia and California-based Joby Aviation. Commercial aircraft and helicopter manufacturer Airbus is also developing a single-seat "flying car."

This news comes right after Daimler, owner of popular German automobile brand Mercedes-Benz announced that it is preparing a new factory in its hometown. Instead of producing cars, the factory will be dedicated to produce electric car batteries. The 50-acre factory in eastern Germany should be ready by next year and is said to double the company’s battery production capacity.

More from News Analysis

Vivint, a solar energy company, will sell and service these batteries. The products are already available for purchase in a few countries.

With inputs from Reuters