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Airlines set to put billions into flying taxisBy Siddharth...

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    Airlines set to put billions into flying taxisBy Siddharth Philip, Justin Bachman and Mary SchlangensteinJune 15, 2021 — 7.16amSaveShareNormal text sizeLarger text sizeVery large text sizeThis is your last free article for this monthSupport quality journalism from $1.75 per week.SUBSCRIBE NOWAlready subscribed? Log inAdvertisementFlying taxis moved a step closer to becoming a fixture buzzing across urban skyscapes, as a closely watched effort was unveiled in Los Angeles and startups in the UK and Brazil made commercial breakthroughs.Vertical Aerospace, based in Bristol, England, won conditional orders for as many as 1000 electric aircraft that could total $US4 billion ($5.2 billion) from buyers including American Airlines and Virgin Atlantic Airways it said.United Airlines has invested in Archer Aviation, with a commitment to buy up to 200 of its “flying taxis”, dubbed the Maker.United Airlines has invested in Archer Aviation, with a commitment to buy up to 200 of its “flying taxis”, dubbed the Maker.CREDIT:ARCHER VIA APMeanwhile, Brazil’s Embraer said it’s in talks to merge its unit developing electric vertical takeoff and landing aircraft into a public company, sending the stock surging.And in California, startup Archer Aviation showcased its future eVTOL after nabbing a $US20 million investment from United Airlines. The carrier plans to buy as many as 200 of the aircraft, dubbed Maker.While none are certified for commercial use, approvals for electric flying taxis could come as early as 2024, according to Europe’s top aviation regulator. Airlines are placing orders because they see the potential to develop a new business tied to local transport, as their main activity shuttling people on longer trips comes under pressure over carbon emissions and the impact of the Covid-19 pandemic.RELATED ARTICLEIn the early days of the project, Uber said it was expecting to offer commercial flying taxis in Melbourne by 2023.Gig economyUber Elevate sale set to put plans for 1000 Melbourne flying taxis on ice“We believe that this is the beginning of the next big evolution of urban air mobility,” said Domhnal Slattery, chief executive officer of aircraft lessor Avolon Holdings, which is investing $US15 million in Vertical Aerospace. “This is probably as significant as the jet age.”Flying taxis are designed to accommodate just a few passengers, akin to an electrified helicopter. But they are quieter, more agile and emission-free, utilising multiple small electric rotors.The aircraft are designed to make short trips, with a range of 160 kilometres or less, and are expected to ferry well-heeled commuters above congestion-plagued urban spots - to the airport, for example, or a weekend getaway. Many eVTOL makers plan to eventually transition to pilotless aircraft.AdvertisementThe popularity of special purpose acquisition vehicles has been a catalyst to the budding industry.Vertical Aerospace is going public through a reverse merger with Broadstone Acquisition in a SPAC deal that values the combined companies’ equity at about $US2.2 billion.Archer, based in Palo Alto, California, plans to merge with a SPAC run by investment banker Ken Moelis later this year that would value the combined company at about $US3.8 billion. Archer expects the Maker will make its first flights in the fourth quarter and begin commercial production next year, assisted by the automaker Stellantis. Service is projected to start in Los Angeles and Miami in 2024.Airlines are placing orders because they see the potential to develop a new business tied to local transport, as their main activity shuttling people on longer trips comes under pressure over carbon emissions and the impact of the Covid-19 pandemic.Airlines are placing orders because they see the potential to develop a new business tied to local transport, as their main activity shuttling people on longer trips comes under pressure over carbon emissions and the impact of the Covid-19 pandemic.CREDIT:AP“There’s definitely a really big long-term industry here,” said e-commerce entrepreneur Marc Lore, Archer’s largest individual investor. “I don’t really think anybody would disagree with that.”Embraer surged 15 per cent on Thursday (US time) after confirming that it’s in talks to merge its Eve Urban Air Mobility division with blank-cheque company Zanite Acquisition, giving it a valuation of about $US2 billion.RELATED ARTICLEA vision of flying cars in this promotional image for Blade Runner 2049.OpinionWordPlayAerocars, spacebuses and corpsicles: the sci-fi leaps we’re still waiting forDavid AstleDavid AstleCrossword compiler, The Sydney Morning Herald and The AgeTwo other eVTOL companies, Joby Aviation and Lilium GmbH, have agreed to go public through SPAC mergers. Another German startup, Volocopter GmbH, has backing from airport operator Atlantia SpA and others.Last week, Eve said it struck a partnership with Halo Aviation, a helicopter travel provider in the US and UK, with delivery of 200 aircraft starting in 2026.Commercial use of eVTOLs is expected to begin with carrying packages before passengers are added to the cabins.And automated flights, without pilots, will come around five years later, as global regulators work out their approaches to safety.BloombergThe Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.SaveShareAviationStart-upsInnovationCarsMOST VIEWED IN BUSINESSWall Street is starting to burst the work-from-home dreamWall Street is starting to burst the work-from-home dreamAfterpay’s banking move turbocharges valuation debateAfterpay’s banking move turbocharges valuation debateThere’s an eerie calm in markets despite disturbing numbersOpinionThere’s an eerie calm in markets despite disturbing numbersPeloton looks beyond the bike as it launches in AustraliaPeloton looks beyond the bike as it launches in AustraliaEconomists are slowly revealing the weaknesses of their ‘rational’ theoriesOpinionEconomists are slowly revealing the weaknesses of their ‘rational’ theories‘With COVID we have a plan’: Housing back at top of Sydney’s worry list‘With COVID we have a plan’: Housing back at top of Sydney’s worry listThis is your last free article for this monthSupport quality journalism from $1.75 per week.SUBSCRIBE NOWAlready subscribed? 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