Singapore - Hyundai Motor Group will participate in the Bloomberg New Economy Forum in Singapore from November 8 to 10.
The company will discuss its Advanced Air Mobility (AAM) plans through its subsidiary Supernal, which focuses on electric vertical take-off and landing (eVTOL) vehicles.
Why It Matters:
Hyundai is making a big push into air taxis, an emerging form of urban transportation that aims to reduce traffic congestion if key infrastructure and regulatory hurdles can be overcome.
The company is leveraging its expertise in automotive manufacturing to produce electric vertical takeoff and landing (eVTOL) aircraft.
The Key Points
- Hyundai's subsidiary Supernal focuses on developing eVTOL vehicles and supporting the ecosystem.
- At the Singapore Forum, Hyundai advocates infrastructure to enable air taxi services by 2028.
- It aims to achieve aviation safety through automotive technology and reduce costs.
- Notes regulatory uncertainty and need for public-private cooperation.
- Will unveil new eVTOL aircraft concept at CES in January.
What They Say:
"Hyundai believes eVTOLs could help alleviate urban congestion through four-passenger, pilot-operated flights integrated with ground transportation via ride-hailing apps,"
said President Jaiwon Shin.
However, he noted that cities must expand charging infrastructure and integrate eVTOLs into networks.
Analysts cite technological and regulatory barriers to profitability but see a potential total market of $1 trillion by 2040. Initial fares could exceed $5 per mile, but Hyundai aims to lower costs through manufacturing optimization and scale.
What Comes Next?
Hyundai continues to partner to develop the AAM ecosystem and support eVTOL adoption.
The company emphasizes that technologies such as batteries, fuel cells, and autonomous driving will enable progress.
Subsidiary Supernal is working on integration and will unveil a new concept vehicle at CES 2024 as Hyundai pushes to make air taxis a standard transportation option.