Flying taxis could soon be a reality in the U.S. after the Federal Aviation Administration (FAA) issued a final rule on Tuesday that establishes a new category of aircraft called "powered lift."

The Details: The FAA's powered lift category applies to electric vertical takeoff and landing (eVTOL) aircraft, commonly known as "air taxis" and marks an important step towards bringing eVTOLS into U.S. airspace.

eVTOL aircraft are powered by electricity and take off and land vertically, like helicopters. Once airborne, eVTOL aircraft use tilt rotors which transition into forward flight mode, like fixed wings on an airplane...