December 31, 2024 – Volocopter, the German electric air taxi company, has filed for insolvency protection, joining a list of similar startups struggling with financial difficulties. The company intends to continue operations while seeking new investors.
In a statement, Volocopter’s CEO Dirk Hoke said, “We have been ahead of our industry peers in terms of technology, flight testing, and certification progress. This makes us an attractive investment opportunity, and we are also undergoing internal restructuring.”
Volocopter has been on the brink of collapse for several months. It’s worth noting that just a week ago, another German electric vertical takeoff and landing startup, Lilium, also ceased operations but was rescued by an investment consortium the following day (the deal is expected to be completed in January next year).
Volocopter stands as one of the more well-funded electric air taxi startups. Over its nearly decade-long journey, it has secured hundreds of millions of dollars in investments from major automakers including Daimler AG’s Mercedes-Benz and China’s Geely.
