Flying car's wind tunnel tests completed by Brazil's upstart Eve

Eve Holding

15/05/2023 12:00

By Gabriel Araujo
       SAO PAULO, May 15 (Reuters) - A flying car is one step
closer to airborne reality following successful wind tunnel
testing for the futuristic vehicle being developed by Brazilian
electric plane maker Eve Holding Inc  EVEX.N , the firm
announced on Monday.
    Eve, controlled by aircraft manufacturer Embraer  EMBR3.SA ,
said it expects to start commercial operations of its fully
electric vehicle in 2026.
    The concept, called an electric vertical take-off and
landing vehicle, or eVTOL, has been dubbed a flying taxi.
    The completed wind tunnel tests are seen as key for
certification by regulators, as well as future production and
sales to buyers worldwide.
    "The information we obtained during this phase of
development has helped us further refine the technical solutions
of our eVTOL, before committing to production tooling and
conforming prototypes," said Luiz Valentini, Eve's top
technology officer.
    The company expects to conclude the selection of main
equipment suppliers in the first half of this year and start
building its first full-scale prototype in the second half.
Additional testing is planned for 2024.
    Eve holds a backlog of nearly 2,800 orders before starting
production, with development backed by investors such as United
Airlines  UAL.O  and Rolls-Royce  RR.L .
    The wind tunnel tests were completed in Switzerland using an
eVTOL scale model, which the company said helped it investigate
how components such as its fuselage and wings will perform in
flight.
    Eve, which debuted last year on the New York Stock Exchange,
has signaled that certification is one of its most pressing
targets, Reuters reported in February.
    Analysts see the firm on track to meet its lofty plans even
if its not the first flying car to take off.
    "The Eve eVTOL is unlikely to be first to market, although
the order pipeline provides runway to capture market share of 
the emerging eVTOL market," according to Jefferies analysts.
    Jefferies and JPMorgan last week increased their target
prices for Eve, citing an industry-leading backlog and Embraer
support. 
    Eve shares are up roughly 10% this year.

 (Reporting by Gabriel Araujo; Editing by David Alire Garcia and
William Mallard)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))