Chinese billionaire Li Shufu’s Geely invests in German flying-car start-up Volocopter
- A Geely-led round of investment raises US$55 million to help the German company’s VoloCity air taxi launch commercially within the next three years
Billionaire Li Shufu’s Zhejiang Geely Holding Group agreed to invest in flying-car developer Volocopter as the Chinese car giant diversifies into technologies that eventually could supplant the traditional gas guzzler.
Geely, which owns Volvo Cars and a stake in Daimler, led a round of investment that raised €50 million (US$55 million) to help the VoloCity air taxi launch commercially within the next three years, the companies said on Monday.
Geely and Bruchsal, Germany-based Volocopter agreed to form a joint venture planning to bring airborne cars to China.
Volocopter also is in talks to raise more funds by the end of the year, it said. Daimler has owned a stake since 2017.
Geely’s investment comes as China tries to wean drivers off internal-combustion engines in favour of new-energy vehicles, seeking ways to ease choking air pollution and a dependence on foreign oil supplies.