Flying cars news continues as Boeing (NYSE:BA) and Porsche announce plans to team up on a new project.
The agreement between Boeing and Porsche will have them working together on a fully electric vertical takeoff and landing (eVTOL) vehicle. That will be the combined efforts of engineers at both companies to create a prototype of this device.
While Boeing and Porsche are working together on this project, it will likely be some time before we seen any results. While flying cars news has been heating up lately, there are still plenty of hurdles to get through first. That includes approval from regulators, as well as a healthy demand from customers.
A Porsche Consulting study from last year does reveal that a market for flying cars is starting to develop. However, this likely isn’t going to start picking up more attention until sometime after 2025. While that may seem like ways off, it hopefully will give the two companies plenty of time to develop their eVTOL.
Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG, says this about the flying cars news.
“Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel.”
BA stock was up 1.06% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.