Electric plane start-up Vertical Aerospace (NYSE: EVTL) is reportedly nearing an important development milestone, the first flight of its VX4 aircraft. The stock is airborne as a result, rising as much as 17% in Wednesday trading.

Vertical Aerospace is one of a number of so-called "flying taxi" start-ups that have hit the scenes in recent years, promising to revolutionize local air travel with small, battery-powered planes capable of vertical takeoffs and landings. Vertical's flagship VX4 is designed to transport a pilot and up to four passengers more than 100 miles at speeds exceeding 200 miles per hour.

It is an intriguing concept, and Vertical has lined up a number of potential airline customers, including U.S. heavyweight American Airlines Group. But those sales, and revenue, will only come if the VX4 proves itself to be as capable in real-world use as it is on the drawing board.

Continue reading

Source Fool.com