AeroMobil is winding down its activities on the market
AeroMobil, intensively engaged in research and development in innovative mobility solutions for the last 12 years, is forced to wind down its operations because it has not been able to obtain sufficient funding from investors to continue its research and development activities.
Recent negotiations with investors, whose investment should have enabled it to strengthen its equity in the event of a deal, have not been successful. Discussions aimed at strengthening the company's capital have taken place over several years with various investors, including all the major manufacturers in the automotive and aerospace industries. During the past year, the possibility of an initial public offering of shares on the stock exchange through a so-called reverse merger was also prepared.
Winding down the activities have been fundamentally affected by the negative sentiment in the venture capital market (a drop of more than 80% in its availability since April 2022), the decline in valuations of "pre-revenue" mobility companies and the market's disbelief in concepts other than eVTOL (electric vertical take-off and landing) flying devices.
Despite the above, the flying vehicle project remains achievable as internal development has not been constrained by anything other than the availability of capital. In twelve years, AeroMobil has created and produced 3 generations of flying prototypes, registered 14 patents, produced digital data enabling vehicle production, a global brand with high media value, and a viable vision that has inspired manufacturers around the world to consider a new way of door-to-door aerial mobility. AeroMobil was one of the first vehicles capable of such a mission profile back in 2013 and one of the first companies to present a vision for shared air mobility back in 2015.
As AeroMobil's management has exhausted all options to raise capital these days, it is obliged to file for bankruptcy.
"Those who don't aim for the 'moonshot' - something absolutely extraordinary and by definition risky - will never achieve it. Taking risks is uncomfortable, but it is a necessary element in building a future. We've approached the finish line with an incredibly visionary, elegant and functional product. Thank you to everyone who participated in this audacious dream to make history and bring useful transportation innovation to humanity," notes AeroMobil leadership.
AeroMobil, as a company, after its founding in 2010, set out to create a commercially available flying car, unlike anything that has ever existed in world history. Over more than twelve years, a team of engineers embarked on an extremely complex and ambitious project with a high risk of failure.
The company's first flying prototype, the AeroMobil 2.5, was unveiled in 2013, followed by another one, the AeroMobil 3.0, just a year later. At that time, there was only one competitor on the market in the US with similarly advanced technology. After a positive reception from the professional community, the company introduced the AeroMobil 4.0 in 2017, followed by another test vehicle. A prototype of the final vehicle completed flight testing starting in 2020. It demonstrated excellent flight performance under the CS-23 general aviation test standards and was likely the first aircraft in the world to meet stringent automotive emissions standards.
In 2022, AeroMobil unveiled a study of a 4-seat version of the AeroMobil NEXT as the world's first flying vehicle ready for door-to-door shared transportation services. The company's engineering team has spent more than 400,000 hours of CAE work modelling and on vehicle analyses. As a result, the team managed to create a revolutionary product and bring to the market an innovation that has received worldwide attention.
Since 2010, AeroMobil has received investments from all over the world, amounting to approximately EUR 25 million. In addition, over the past ten years, the company's management and co-owners, in cooperation with major partners such as investment banks or private funds, have made hundreds of presentations around the world, with a largely positive response that has enabled the company to maintain its development team over the long term. In 2022, AeroMobil's management also presented the project and the vehicle at an investor roadshow in the USA.
Since April 2022, however, because of a very negative situation in the investment market, the valuations of many technology and "deep-tech" companies have fallen by more than 80% and investor interest in capital-intensive and pre-revenue companies is literally freezing.
In such an environment, the company was unable to obtain further financing for its operations and activities and therefore proceeded to wind down its activities on the market.