Porsche and Boeing have signed a nonexclusive memorandum of understanding, which means they will look for ways to work together, but they aren’t locked into a binding agreement. As part of the partnership, the companies say they will “create an international team to address various aspects of urban air mobility, including analysis of the market potential for premium vehicles and possible use cases.”
The US aircraft giant and German sports car maker announced Thursday they are teaming up to “explore the premium urban air mobility market and the extension of urban traffic into airspace,” through “a fully electric vertical takeoff and landing vehicle.”
The announcement did not include any details about the amount of money or other resources the two companies plan to invest in the effort, or a target date or price range.
Porsche’s parent company, Volkswagen AG, (VLKAF) is the world’s largest automaker. It has announced a major push into the development of electric vehicles, setting a target of building 22 million electric cars across its brands over the next 10 years.
“We are combining the strengths of two leading global companies to address a potential key market segment of the future,” says Detlev von Platen, a member of the Porsche board in charge of sales and marketing. “In the longer term, this could mean moving into the third dimension of travel.”