Hyundai is spending huge amounts of money on developing flying vehicles, and the company expects to launch its first flying cars by 2030.
Michael Cole, Executive of Hyundai’s European operations, said that the company believes “urban air mobility” will be part of the automotive industry’s future, The Guardian reported.
Hyundai first introduced its flying car concept in partnership with Uber last year, and the company stated that it expects companies like Uber to operate piloted flying vehicles until 2035, at which point they are expected to become fully autonomous.
Speaking at the International Automotive Summit, Cole said: “We think that by the latter part of this decade certainly, urban air mobility will offer great opportunity to free up congestion in cities.
He also added that introducing flying cars will lower automotive emissions.
According to Bloomberg, analysts from Morgan Stanley predict the flying car industry could be worth more than $2.9 trillion by 2040.
The Korean car manufacturer is also involved in the development of the UK’s first airport without a runway, which is scheduled to start operating later in 2021.
The airport is designed for vehicles capable of electric vertical take-off and landing (eVTOL), including helicopters, delivery drones and eventually flying cars, Hyundai hopes.
Jaiwon Shin, head of Hyundai’s urban air mobility unit, said that some flying cars are expected to hit markets as early as 2023, but that Hyundai will aim for a later release date.
“We don’t want to be the first to the market. We want to be the first with the right product”, Shin said.