Eve Holding Tests Electric Flying Vehicle in Wind Tunnel, Ready for Production in 2026

JAKJARTA - Flying cars are getting closer to becoming a reality after successfully passing wind tunnel testing of a futuristic vehicle being developed by Brazilian electric aircraft company Eve Holding Inc. This was announced by the company on Monday, May 15.

Eve, which is controlled by aircraft manufacturer Embraer, said it hopes to start commercial operations of fully electric vehicles by 2026.

The concept, called an electric vertical take-off and landing vehicle or eVTOL, has been dubbed a flying taxi.

The successfully completed wind tunnel testing is considered essential for obtaining certification from regulators, as well as for production and worldwide sales.

"The information we obtained during this development stage has helped us further refine the technical solution of our eVTOL, prior to production and appropriate prototyping," said Luiz Valentini, Eve's top technology officer.

The company expects to complete the selection of key equipment suppliers in the first half of this year and begin construction of their first full-size prototype in the second half of this year. Additional testing is planned for 2024.

Eve has an order backlog of nearly 2.800 orders before starting production, where its development is also supported by investors such as United Airlines and Rolls-Royce.

These wind tunnel tests were completed in Switzerland using eVTOL scale models, which, according to the company, helped them investigate how components such as the fuselage and wings would perform in flight.

Eve, which debuted last year on the New York Stock Exchange, has stated that certification is one of its main targets, as reported by Reuters in February.

Analysts see that the company is on track to achieve its ambitious plans even though it is not the first flying car to fly.

"Eve eVTOL is unlikely to be the first to enter the market, although the backlog of orders provides an opportunity to capture market share in the emerging eVTOL market," according to analyst Jefferies.

Jefferies and JPMorgan last week raised their target price for Eve's stock, citing the industry's largest backlog and Embraer's backing. Eve's stock is up about 10% so far this year.