GM exploring 'flying car' market
The company is weighing all options - whether to build, supply or partner
Stocks impacted: General Motors Co (GM)
As investors have poured over $2 billion into more than 100 aerial vehicle startups, the US carmaker is exploring possibilities in the aerial taxi market, including whether to build the vehicles known colloquially as "flying cars". GM is weighing all options - whether to build, supply or partner. The automaker’s study of the aerial mobility market is part of a push of its innovation group to explore other transportation markets for growth. Air taxis are vertical take-off and landing aircraft that use electric motors instead of jet engines. In January, Hyundai teamed up with Uber Technologies Inc in an effort to develop electric air taxis and has pledged to invest $1.5 billion in urban air mobility by 2025. General Motors stocks jumped nearly 5.5% during the session but finished just over 1% higher as the broader market trimmed intraday gains by the close.
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