AeroMobil raises fresh investment to bring its flying cars to Asia

AeroMobil has set its sights on the Asian market as its flying cars edge closer toward becoming a reality.

The Slovakia-based company said it had raised an undisclosed amount from InfraPartners Management, a fund based in London and Bratislava but with extensive ties to China and Korea. AeroMobil is hoping both the money and IPM’s connections will help get its flying cars into Asian markets.

“Now that we have launched the next generation of the AeroMobil flying car, we are 100 percent focused on getting the vehicle ready for testing this year and delivery to our first customers by 2020,” said CEO Juraj Vaculik, in a statement. “We are confident the engineering and technology approach we have taken will ensure this vehicle will meet growing demand for personal air transport.”

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AeroMobil is just one of many companies battling it out in what has improbably become a race to start selling the first flying cars. The company has been pressing ahead with development of its flying car, technically a “vertical take-off and landing (VTOL) flying vehicle.” The price is expected to come in at roughly $1.3 million for the basic version.

In April, the company announced it had started taking preorders for its first batch of cars. AeroMobil said it will use the new capital to start touring the car in South Korea and China in the hopes of attracting more investment and partners. The money will also be used for continued product development and testing.

The company says that the poor infrastructure and bad traffic in many Asian cities make the region an enticing target for flying cars.