Chinese EV battery maker CATL invests in ‘flying car’ developer AutoFlight
- The largest maker of electric car batteries is investing millions of dollars into the aerial vehicle firm as China’s low-altitude economy takes flight
The Shanghai-based aerial vehicle firm on Saturday announced the new financing from the world’s largest supplier of electric car batteries, but did not disclose the exact amount. The investment makes CATL, based in southeastern Fujian province, a strategic investor in AutoFlight.
The deal comes at a time when China has been rapidly developing the so-called low-altitude economy, which covers a range of industries related to manned and unmanned eVTOL aircraft operating below an altitude of 1,000 metres.
As part of the deal, the two firms will establish a long-term partnership devoted to the joint research and development of batteries for eVTOL vehicles.
Through the joint effort, the companies will combine their “respective resources and technical expertise” with the aim of making battery breakthroughs that will “support longer flight distances and higher load capacities while also achieving significant improvements in safety and stability”, AutoFlight said in a statement.
CATL’s backing will help AutoFlight speed up research and development and expedite the process of applying for the necessary airworthiness certification in China for its manned Prosperity passenger aircraft, according to the aerial vehicle maker. It filed its application for the certification in April.
