Eve, Embraer’s “flying car” startup, this Sunday (17), released for the first time some images of the cabin of the electric air vehicle (eVTOL) it is developing. Entitled “Fly the Future,” the flying car’s cabin will be presented to attendees to show the progress made in the production of eVTOLs. The complete model will be presented at the Farnborough Airshow, a traditional air show that will take place from July 18 to 22.
“Our solutions have been developed with basic market needs such as accessibility, safety, sustainability, and price in mind. It’s always exciting when we reach this stage of development,” Flavia Ciaccia, Eve’s vice president of user experience, said in a statement.
The vehicle features a conventional wing and tail instead of the previous configuration. The company said that the eight rotors are mounted around the wing, allowing for vertical takeoffs and landings and safety and reliability in a simple design.
In addition to viewing the full-size model on display at the event, attendees will be able to explore the exterior features of the vehicle using augmented reality technology, according to the company. The vehicle is expected to be in service by 2026.
The company’s progress is good, given investors’ increasingly anxious expectations amid the overall tech investment landscape.
In April this year, the startup completed its merger with blank check company Zanite Acquisition, a U.S. acquisition company focused on the aerospace sector.
At the time, it was expected that the company would raise over US$500 million from this operation. The company began trading its shares on the New York Stock Exchange.
The stock market debut took place for US$10.28, and right at the debut, the papers plunged by more than 20%, trading as low as US$8.31.
Embraer said it invested an additional US$185 million for 18.5 million Eve common shares after the transaction closed. Embraer Aircraft Holding (EAH), a subsidiary of Embraer, holds 238.5 million shares of Eve, representing about 90% of the company.
The shares are currently trading at US$6.71. On the stock market, Eve is worth US$1.77 billion, according to data from the last close.