Japanese automaker Suzuki Motor said on Tuesday it had reached an agreement with SkyDrive to make "flying cars".
The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement.
SkyDrive will establish a wholly owned subsidiary to make the aircraft and Suzuki will help with preparations for the manufacturing, including securing talent, the automaker said.
Headquartered in the city of Toyota in central Japan, SkyDrive has trading house Itochu, tech firm NEC Corp and a unit of energy company Eneos Holdings among its main shareholders.
The two companies signed a deal in March last year to team up in research, development and marketing of flying cars. They added then that they will also work to open up new markets with an initial focus on India, where Suzuki has a roughly half share of the auto market. Suzuki announced that it plans to invest Rs. 10,420 crore in its India factory to produce electric vehicles and batteries.
The companies didn't disclose details of investments in their partnership, nor outline any production timetable or target.
Founded in 2018, Tokyo-headquartered SkyDrive counts big Japan businesses like trading house Itochu, tech firm NEC and a unit of energy company Eneos Holdings among its main shareholders. In 2020 it raised CNY 5.1 billion (roughly 320 crore) in total in Series B funds, according to its website.
© Thomson Reuters 2023
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Suzuki to Invest $35 Billion in EVs Through 2030, Will Introduce Electric Vehicles in India and Europe27 January 2023
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