People will in the next decade be able to travel from New York’s JFK airport to the centre of Manhattan in just six minutes for the same cost as a cab ride that normally takes up to an hour, say the makers of a five-seater electric jet. The jet, developed by Munich-based Lilium and powered by 36 all-electric engines, will be capable of travelling up to 300 kilometres in just 60 minutes — cutting down on travelling times across congested cities or regions. The German start-up plans to use the jet as a public air taxi service from 2025 with the aim to revolutionise urban travel… The jet, which takes off and lands vertically but then moves into horizontal flight, completed its maiden flight over Germany this month. Morgan Stanley said it expected the air taxi market to be worth $1.5 trillion a year by 2040, though the industry faces several challenges, from gaining public acceptance to building the infrastructure and meeting regulatory demands… Uber and Kitty Hawk are also looking at launching an electric-powered flying taxi service, while aircraft manufacturers, including Boeing and Airbus, are investing in hybrid-electric propulsion systems… Co-founded in 2015 by four friends, including chief executive Daniel Wiegand, Lilium has so far attracted more than $100 million in funding from a range of investors.

Sylvia Pfeifer