Beleagured aircraft maker Boeing Co. (NYSE:BA) is reportedly planning to venture into Asia's urban air mobility market by 2030 with flying cars.
What Happened: Boeing's Chief Technology Officer Todd Citron told Nikkei Asia on Friday that the company is developing electric vertical take-off and landing (eVTOL) vehicles at its California-based unit Wisk Aero.
The company will obtain certification in the U.S. before expanding into Asia and is currently selecting its first Asian market.
Boeing recently opened a new research and development base in the Japanese city of Nagoya, its seventh such facility outside the U.S.
The plant will develop digital tools for aircraft design and manufacturing, sustainable aviation fuel, and hydrogen fuel cells.
Citron mentioned the possibility of partnering with automakers specializing in fuel cells or electric vehicles.
Why It Matters: Boeing appears to be targeting the growing demand for short-distance air travel in Asia's congested cities, even as the company faces a significant challenge in its core business segment.
The company has been grappling with market turbulence, safety concerns raised by industry insiders, and recent scrutiny over its corporate culture and executive compensation.
Deliveries of commercial aircraft have dropped significantly, and the company's stock price has fallen over 32% year-to-date, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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