Volocopter, a company in Germany that is developing electric air taxis, has recently announced that it is seeking bankruptcy protection. This decision puts Volocopter in a position to restructure its finances and look for new investors to keep the business running. Unfortunately, this is not an isolated case; other similar companies in the electric air taxi sector have also been struggling with financial issues.
Despite these challenges, Volocopter’s CEO, Dirk Hoke, says that they have made significant progress compared to other companies in the same field when it comes to technology and testing their flying vehicles. He believes that this progress makes Volocopter an appealing option for potential investors as they work on reorganizing their business.
Volocopter’s filing for bankruptcy protection comes after a tough period where the company was close to going under. It’s worth noting that this situation follows closely behind another German startup named Lilium, which recently stopped its operations but was quickly rescued by a group of investors just a day later. This deal for Lilium is expected to be finalized in January.
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Volocopter stands out because it has successfully secured a substantial amount of funding, accumulating hundreds of millions of dollars over almost ten years. Some big-name investors include well-known car manufacturers like Germany’s Mercedes-Benz and China’s Geely.
