SEOUL, Hanwha Aerospace Co., a South Korean aircraft engine maker, said Thursday it will jointly develop a key piece of equipment for British manufacturer Vertical Aerospace's electrical vertical take-off and landing (eVTOL) aircraft.
Under the partnership signed at the Farnborough Airshow, Hanwha and Vertical will develop an electromechanical actuator for the four-seat air taxi VX4, the eVTOL, the company said in a statement.
Vertical aims to commercialize the air taxi in 2025 and has already received preorders for 1,400 VX4s from global aviation companies, the statement said.
South Korea's transport ministry estimated the world's air mobility market could grow to 730 trillion won (US$560 billion) by 2040. But U.S. investment bank Morgan Stanley forecast the urban air mobility market could grow up to 1,875 trillion won by the same year, Hanwha said.
Source: Yonhap News Agency