eVTOL sector hits new highs

Volant Aerotech, a Shanghai-based electric air taxi maker, signed a confirmed order on Tuesday with ABC Financial Leasing Co Ltd, a wholly owned subsidiary of Agricultural Bank of China, for 10 units of its electric vertical take-off and landing (eVTOL) aircraft, including options on a further 110 units. On delivery, the eVTOL aircraft are expected to be put into commercial leasing operations.

With a total order value of 3 billion yuan ($419 million), the signing follows the company's previously confirmed orders with China Southern Airlines General Aviation Co Ltd and Asian Express Aviation, which are believed to be the first confirmed orders for eVTOL aircraft worldwide. The new order demonstrates the confidence of the nation's leading financial institutions on the certainty and commercialization of China's low-altitude economy.

Since its establishment four years ago, Volant Aerotech has focused on the development of high-grade manned eVTOL aircraft. Its flagship product, the six-seat VE25-100 model named "Skylar", features a composite wing configuration with a maximum take-off weight of 2,500 kilograms and a maximum payload capacity of 500 kg.