Despite the stiff competition, the two-seater vehicle envisioned by SkyDrive is unique.
This will be the world’s smallest flying car, capable of squeezing into a parking space for two conventional vehicles.
Tokyo-based SkyDrive Inc’s CEO Tomohiro Fukuzawa is convinced anyone will soon be able to fly to anywhere within the capital’s 23 wards in 10 minutes.
A battery-powered prototype of the flying car concept has a pair of propellers installed at each of its four corners.
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The firm, which has been conducting experiments at its testing ground in Toyota, Aichi Prefecture, claims its concept model SD-XX is the world’s smallest eVTOL.
SD-XX is 1.5 meters tall and measures 4 meters by 3.5 meters across.
Closely resembling a car-size drone, the first model — which SkyDrive expects to debut in 2023 — would be able to fly at 62mph (100kmh),
The flying car concept is also anticipated to boast a limited range of several tens of miles.
SkyDrive is now making the final preparations to demonstrate a manned flight in the coming months.
The company is aiming to commercialise an air taxi service in 2023, and sell a fully autonomous flying car to the public by 2028.
There is significant enormous for flying cars, with global demand for electric vertical take-off and landing aircraft estimated to reach $ 1.5 trillion (£1.1 trillion) by 2040, according to research by Morgan Stanley last year.
Rajeev Lalwani, Morgan Stanley’s lead analyst covering airlines and aircrafts revealed how market for the vehicles “could likely begin as an ultra-niche add-on to existing transportation infrastructure, similar to how helicopters operate today.
“They could later transform into a cost-effective, time-efficient method of traveling short to medium distances, eventually taking business away from car and airline companies.”