ALBAWABA – Saudi Arabia is partnering with Doroni Aerospace, a pre-revenue aerospace engineering and manufacturing company, to manufacture and sell flying cars.
Saudi Arabia to make and sell flying cars
Doroni Aerospace, a US-based aerospace company, has developed a practical, efficient, and cost-effective electric vertical takeoff and landing (eVTOL) mobility platform and secured $30 million in investment to manufacture its H1-X personal eVTOL.
The investment was made in partnership with Innovation Wings Industries (IWI), a Saudi Arabia-based aerospace engineering firm operating under the name Kingdom Aero Industries (KAI).
This partnership aims to manufacture and sell the H1-X, a sleek, modern, two-passenger eVTOL concept aircraft designed for advanced air mobility (AAM).
Notably, the H1-X is designed for personal use, with the convenience of being parked in home garages and charged at home. The aircraft is expected to be priced at $350,000.
According to the agreement, the Saudi and US firms plan to begin manufacturing and selling the flying cars in Saudi Arabia by 2027. With Kingdom Aero Industries (KAI) providing the $30 million investment, the company will hold approximately 40% of the total shares in Doroni Aerospace.
“We are excited to welcome Kingdom Aero Industries as a strategic investor and manufacturing partner. This investment fuels and accelerates the H1-X development, while our joint venture will establish the production infrastructure necessary for global distribution,” stated Doron Merdinger, Founder and CEO of Doroni Aerospace.
CEO of KAI, Ismail Kashkash, commented: “This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni’s vision and establish a world-class manufacturing hub in Saudi Arabia.”
