Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Eve, Blade to expand 'flying car' partnership to Europe

Published 06/19/2023, 03:03 AM
Updated 06/19/2023, 03:05 AM
© Reuters. The logo for Eve Air Mobility is displayed on a screen during the company's debut on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2022.  REUTERS/Brendan McDermid/File Photo
RYCEY
-

By Gabriel Araujo

SAO PAULO (Reuters) - Electric aircraft maker Eve and Blade Air Mobility are expanding their partnership to integrate Eve's upcoming flying car into Blade's European route network, starting with France, the companies said on Monday.

The deal follows similar agreements between the firms, which are currently participating in the Paris Airshow, to use Eve's electric vertical take-off and landing vehicles (eVTOLs) in India and the United States.

Eve is controlled by Brazilian planemaker Embraer and expects to start commercial operations of its vehicle in 2026.

Eve and Blade said in a statement that under their new memorandum of understanding, Blade would focus on developing practical applications for air mobility, including identifying future routes in France and other European countries.

They did not say if the deal would involve new eVTOL purchases by Blade, whose current European operations include flying conventional helicopters between Nice and Monaco.

Eve and Blade last year agreed to deploy up to 200 electric aircraft in India, after also signing a letter of intent for operations in the U.S., where Eve expects to provide up to 60 vehicles per year.

"Extending our partnership with Eve underscores Blade's commitment to leading the transition from conventional to electric vertical aircraft," Blade Chief Executive Officer Rob Wiesenthal said.

Eve holds a backlog of nearly 2,800 orders before starting production, with development backed by investors such as United Airlines and Rolls-Royce (OTC:RYCEY).

The firm recently announced the first equipment suppliers for its eVTOLs and expects to start building its first full-scale prototype in the second half. Additional testing is planned for 2024.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Eve CEO Andre Stein said he expected the extended partnership with Blade to allow the companies to combine expertise and resources to make travel more accessible and drive environmental improvements.

Blade last year acquired the charter and scheduled flight operations of European firms Monacair, Heli Securite and Azur Helicoptere, which it said would be "crucial" for ongoing technical and commercial discussions with Eve.

Latest comments

With the transition to electrification of automobiles, the concept of flying cars becomes more and more accepted. In fact, the demand for charging is more rigid. That’s why so important to focus on the charging segment, especially the leading companies with high market share, such as NaaS (NASDAQ:NAAS).
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.