JAKARTA - In preparation for the 2024 Paris Olympics, the Volocopter flying taxi manufacturer wants to prove to executives at Paris Airshow that they are on the right track to transport customers around the sporting event and launch their services globally.
Paris Airshow, the world's largest aircraft exhibition, usually focuses on military and commercial aircraft. However, electric vertically taking off and landing aircraft (EVTOL) manufacturers also come at full strength, with Lilium announcing an agreement on Monday 19 June for China's HeliShenzhen Eastern General Aviation Co. to buy 100 of their jets.
The challenges of this sector are huge, because these companies need regulatory approval and convince consumers they are safe, at a time when investors also reduce their funding.
Volocopter from Germany are working on overcoming these barriers and launching its first commercial flying taxi service to transport customers around Paris during the 2024 Olympics, and they will use the aircraft exhibition to show their progress.
"The Olympics are our northern stars," Volocopter CEO Dirk Hoke told Reuters.
This success can increase the urban air mobility sector as a whole by convincing investors who are reluctant to take the risk that air taxis deserve to be invested, analysts and executives say.
"I think with all the initial operating schedules, it will help the industry if it is achieved because it will create a sensation," said Robin Riedel, who leads the McKinsey Center for Future Mobility at the management consulting firm.
There are no flying taxi manufacturers, both Lilium from Germany and Joby from America, who have received certification until now.
Volocopter berharap menjadi yang pertama, tetapi mereka masih perlu menjalankan pesawat mereka melalui uji cuaca yang intensif dan menyediakan ribuan halaman dokumen kepada badan regulasi Eropian Union Aviation Safety Agency (EASA).
"Being the first to get certification is not an easy matter," said Hoke.
Intensive weather tests will be carried out in Germany next month, with a pilot and passenger.
Wider trust challenges have also surfaced, as many flying taxi manufacturers have delayed their commercial launch date due to difficulties in producing their projects.
"You need to restore credibility and reputation," Hoke said, adding that the current financial background is also a challenge. "In combination with difficult markets, less liquidity in the market is a problem for all industrial affairs."
Air mobility projects that have gone through special acquisition companies (SPAC) in recent years have decreased by at least 30% from their initial value. Ventura capital has also declined across industries, with shifting expenses from air taxis to drones, Riedel said.
While Volocopter is one of the great hopes for the eVTOL sector, hundreds of other players may face difficulties or go out of business in the coming years if investment conditions continue, analysts say.
According to McKinsey data, funding for the eVTOL project decreased from around US$1.2 billion (Rp18, trillion) during the first half of 2022 to US$710 million (Rp10.6 trillion) during the same period this year.
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Alan Wink, director of capital market management at US accounting firm Eisner Amper, who has been working on such deals, said he had seen a shift in investment towards drones due to concerns that air taxis needed to address regulatory barriers that outweigh other types of electric vehicles.
"They want to invest in companies where there is a clear possibility of outings in the future, and secondly, there is a clear way towards profitability," said Wink.
Honeywell International, a supplier from the United States that produces products for urban air mobility, sees potential in the EVTOL industry due to travel demand, climate concerns, and limited infrastructure needs.
" proceedwell has won a deal worth around $7 billion to supply eVTOL parts to the aircraft manufacturer," said Aerospace Division President Mike Madsen.
However, Madsen said he expects consolidation in the eVTOL room, where currently there are more than 200 players of different sizes.
"We will see a bigger player acquisition of some of these companies," he said. "And the best ideas will last."
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