US aircraft giant, Boeing, and German sports car maker Porsche have announced teaming up to explore the premium urban air mobility market and the extension of urban traffic into airspace, through "a fully electric vertical takeoff and landing vehicle.
They basically want to develop an electric vehicle that can fly.
The announcement did not include any details about the amount of money or other resources the two companies plan to invest in the effort, or target date or price range.
Porsche's parent company, Volkswagen AG, (VLKAF) is the world's largest automaker. It has announced a major push into the development of electric vehicles, setting a target of building 22 million electric cars across its brands over the next 10 years.
Boeing's revenue topped $100 billion for the first time in 2018, although its sales will be sharply lower this year due to the grounding of its best selling commercial jet, the 737 Max, following two fatal accidents that killed 346 people.
It has already shown a prototype of a self-driving electric-powered flying car earlier this year.
[Source:CNN]
