1. News
  2. Explained

Hyundai Teams Up with Uber to Develop Electric Air Taxis

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 7, 2020 12:12 PM 2 min read

Hyundai teams up with Uber to develop electric air taxis under Uber Elevate program.



Hyundai teams up with Uber to develop electric air taxis.

Your Uber is Ready to Take Off: Joining the race to develop air taxis, South Korean carmaker Hyundai has teamed up with ride-hailing firm Uber to make electric air taxis for the latter's Uber Elevate program, which aims to expand the ride-hailing giant’s reach by linking urban centers and their suburbs. Hyundai will produce and deploy the vehicles while Uber will provide aerial ride-share services.


For Some Perspective: The development comes at a time when global players like Germany's Daimler, China's Geely Automobile and Japan's Toyota have already made investments in air taxi tech. 


Hyundai will unveil a concept electric aircraft developed with Uber at the Consumer Electronics Show in Las Vegas this week. The electrically powered personal air vehicle (PAV) will have the capability of carrying up to four passengers on trips of up to 60 miles at speeds reaching 180 mph.


Uber Elevate has already signed up more traditional aerospace partners such as Embraer, Bell and Boeing subsidiary Aurora for the project. CNBC


Xerox secures $24bn funding for the hostile takeover bid of HP.

Tested by Fire: Xerox has reported that it has secured $24bn funding for its $33bn takeover bid of larger rival HP, despite HP's attempt to block the deal. Citi, Mizuho and Bank of America have agreed to back Xerox. 


Blast From the Past: Xerox on November 5th made a cash-and-stock bid for HP, whose market value has since risen to almost $30bn, which is nearly four times Xerox’s size. HP rejected the bid as too low and not in the best interests of its shareholders. It also cast doubt on whether Xerox would be able to raise the cash portion and whether the combined company could handle the amount of debt it would likely require. Forbes


Extra Bite: Former Chairman and CEO of Nissan Carlos Ghosn recently pulled off the seemingly impossible. He somehow evaded round-the-clock manned and video surveillance and heavy restrictions on his freedom of movement to flee Japan for Lebanon. And he did all this with the help of a box! Click here for the entire scoop. 


Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.