Why Boeing, Volkswagen, and Uber Are Working on Flying 'Cars'
Ride-hailing companies Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) were some of the most highly anticipated tech stock IPOs in recent history -- and they have ultimately been a letdown since making their public debuts during the first half of 2019.
That doesn't mean ridesharing is doomed, though, and investment into transportation technology is still going strong. Case in point: Boeing's (NYSE: BA) Aurora Flight Sciences and Volkswagen's (OTC: VWAGY) iconic racing brand Porsche announced they will be working together to develop "a concept for a fully electric vertical takeoff and landing vehicle." Here's what Porsche executive Detlev von Platen had to say about it:
Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel. We are combining the strengths of two leading global companies to address a potential key market segment of the future.
Source Fool.com
