Flying taxis no more. You'll just have to to walk around like some kind of caveman.

Chinese automotive and aerospace group Zhejiang Wanfeng Auto Wheel has acquired failed German air taxi developer Volocopter, a partner in Saudi Arabia’s NEOM giga-project, for $11 million. The sale follows Volocopter’s collapse into insolvency in December, raising questions over NEOM’s urban air mobility ambitions in its futuristic city development on Saudi Arabia’s north-western Red Sea coast.

Volocopter has laid off its entire 500-strong workforce, according to German media reports. It is unclear what the acquisition means for NEOM’s plans.  NEOM ordered 15 Volocopter aircraft and invested $175 million in the company in 2022, appointing it as sole operator of initial air taxi routes across its city developments, including the THE LINE, OXAGON and TROJENA.

Majid Mufti, CEO of the NEOM Investment Fund, holds a seat on Volocopter’s advisory board.

Volocopter’s investors have included Mercedes-Benz, Honeywell, Intel and Mitsui Sumitomo Insurance Group. 

Read the full story at AGBI