Bankrupt German flying taxi firm Volocopter will be purchased by a Chinese vehicle parts maker, just weeks after another German company in the field, Lilium, collapsed.
The Chinese firm, Zhejiang Wanfeng Auto Wheel Co., valued the transaction at 10 million euros ($10.9 million), while Volocopter’s assets were given a book value of around 42 million euros.
Founded in 2011, Volocopter filed for insolvency in December.
It had wanted to bring its two-seater flying electric taxi “Volocity” to market by 2025 but suffered a setback when it had to cancel test flights at last year’s Paris Olympics.
The European Union’s Aviation Safety Agency did not certify the aircraft’s engine in time for the planned tests.
In a statement earlier this week, Zhejiang Wanfeng Auto Wheel said it would acquire the German company’s assets and intellectual property rights, and assume contract rights and obligations under the name of Volocopter GmbH.
The acquisition of Volcopter by a Chinese rival for a knock-down price will fuel debate about Germany’s support for firms at the technological frontier.
Volocopter CEO Dirk Hoke told Capital magazine last year that “in a sector which is as technologically complex and capital-intensive as ours, we have to look to the state” for support.
In February, Lilium, another German firm making light electric aircraft, lapsed back into bankruptcy proceedings after a rescue deal with investors fell through. Last year, Lilium tried and failed to secure emergency funding from the German government.
Founded in 2011 by Alexander Zosel and Stephan Wolf, Volocopter emerged from a bold idea: to create a safe, sustainable, and efficient mode of air transport for cities plagued by congestion.
Based in Bruchsal, Germany, the company initially focused on building multicopter drones capable of carrying humans. Their first major milestone came in 2011 with the VC1, a single-seat prototype that achieved a brief crewed flight—an early proof of concept for electric vertical flight.
Over the years, Volocopter evolved its designs, prioritizing safety, scalability, and sustainability. The company’s vision crystallized around the idea of urban air taxis—small, electric aircraft that could ferry passengers short distances, bypassing ground traffic altogether.
By 2016, Volocopter had developed the VC200 (later dubbed the Volocopter 2X), an 18-rotor, two-seat prototype that showcased the potential for practical urban use. This model caught the attention of regulators, investors, and city planners worldwide.
At the heart of Volocopter’s mission was the VoloCity, its fourth-generation eVTOL aircraft designed specifically for commercial passenger transport.
Volocopter has conducted over 1,500 test flights across multiple continents, demonstrating the VoloCity and its predecessors in diverse environments.
- Via: With inputs from AFP
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