Boeing and Porsche Partner to Explore Urban Air Mobility Vehicles | Financial Buzz

Boeing and Porsche Partner to Explore Urban Air Mobility Vehicles

Boeing Company (NYSE: BA) and Porsche have teamed up to explore the premium urban air mobility and the extension of urban traffic into airspace. 

“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,” says Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG. “We are combining the strengths of two leading global companies to address a potential key market segment of the future.”

Under the partnership, the two companies will create an international team to address the unmet needs for urban air mobility. 

The two companies are also looking into developing a concept for a fully electric vertical takeoff and landing vehicle, or a flying electric car. Engineers from both companies as well as Porsche subsidiaries, Porsche Engineering Services GmbH and Studio F.A. Porsche, will implement and test a prototype. 

“This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem, and provides an opportunity to investigate the development of a premium urban air mobility vehicle with a leading automotive brand,” said Steve Nordlund, Vice President and General Manager of Boeing NeXt, an organization that is laying the foundation for a next-generation mobility ecosystem in which autonomous and piloted vehicles can safely coexist. “Porsche and Boeing together bring precision engineering, style and innovation to accelerate urban air mobility worldwide.”

The announcement did not disclose further details regarding monetary funds and resources that the two plan to invest into the partnership. A price target or future completion date was not disclosed either.

Boeing previously showcased a flying vehicle earlier this year at a small airport outside of Washington D.C. The prototype is approximately 30 feet long and 28 feet wide and is designed to fly upwards of 50 miles. 

Boeing said no one was on board the vehicle and it only lasted one minute. During the showcase, Boeing said the vehicle didn’t actually go anywhere, but instead hovered over the runaway.

While the flying vehicle is still a prototype, Boeing has previously expressed its interest in air mobility transportation. In the Company’s press release, Boeing cited Porsche’s Consulting report that forecasts urban air mobility will ramp up in 2025. 

The study also indicated that air mobility solutions will transport passengers more quickly and effectively than current conventional transportation. Moreover, the study also said that air mobility will be much less cheaper and offer greater flexibility.