China News
CAR TECH
Chinese company to buy bankrupt German flying taxi firm
Chinese company to buy bankrupt German flying taxi firm
by AFP Staff Writers
Berlin (AFP) Mar 13, 2025

Insolvent German flying taxi firm Volocopter is to be bought 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., put the price tag of 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.

AFP has contacted Volocopter for comment.

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.

Related Links
Car Technology at SpaceMart.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
CAR TECH
Volkswagen profits hit as high costs, China woes weigh
Wolfsburg, Germany (AFP) Mar 11, 2025
German auto giant Volkswagen said Tuesday its annual profits nosedived during a torrid year that saw Europe's top carmaker increasingly struggle with high production costs and fierce Chinese competition. At 12.4 billion euros ($13.4 billion) in 2024, net profit fell 30.6 percent compared with the previous year, even as overall sales grew slightly to reach 324.7 billion euros. The poor results were due to a "significant increase in fixed costs" and one-off expenses totalling 2.6 billion euros, pr ... read more

CAR TECH
Shenzhou XIX crew successfully tests pipeline inspection robot on space station

Shenzhou 19 Crew Advances Scientific Research and Conducts Training in Space

Moon-Exposed Grass Seeds to Be Cultivated on Earth

China Prepares for Launch of Tianwen 2 Asteroid Mission

CAR TECH
Chinese shoppers shrug off tariffs on US pantry staples

China holds talks with Walmart on impact of US tariffs: local reports

Global art market slumps as Chinese auction sales plummet: data

China, EU vow countermeasures against sweeping US steel tariffs

CAR TECH
CAR TECH
Oil companies greet Trump return, muted on tariffs

Russian strikes kill 12 in eastern Ukraine

EU chief sees US as 'allies' despite 'differences'

Poland expands military training to all men; mulls mines treaty exit; Lithuania quits cluster bomb treaty

CAR TECH
Highly radioactive nuclear waste - preserving awareness for future generations

Framatome advances nuclear fuel innovation as U.S. NRC reviews high burnup fuel report

Google, Amazon, Meta join back tripling of global nuclear power by 2050

Nuclear inspectors review contentious Bangladesh plant

CAR TECH
From critic to investor: Trump welcomes crypto leaders to White House

Chinese hackers indicted in US for Treasury breach, other attacks

Pentagon orders Russian cyber offensive 'stand down'

Taiwan detains Chinese ship captain for severing subsea cable

CAR TECH
Highly radioactive nuclear waste - preserving awareness for future generations

Framatome advances nuclear fuel innovation as U.S. NRC reviews high burnup fuel report

Google, Amazon, Meta join back tripling of global nuclear power by 2050

Nuclear inspectors review contentious Bangladesh plant

CAR TECH
Engineers' new design of offshore energy system clears key hurdle

Student refines 100-year-old math problem, expanding wind energy possibilities

Berlin says offshore Chinese wind farm may pose security risk

Green energy projects adding to Sami people's climate woes: Amnesty

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.