GAC Partners With Air Taxi Developer to Build Flying Car Factory

What’s new: Guangzhou Automobile Group Co. Ltd. (GAC) (601238.SH) (广州汽车集团股份有限公司) has clinched a deal with an air taxi developer to jointly build a flying car plant in southern metropolis Guangzhou, the latest push by the state-owned automaker to tap a technology that is crucial to nurturing the low-altitude economy.

Under the agreement, which was inked on Feb. 6, Guangzhou-based EHang Holdings Ltd. (广州亿航智能技术有限公司) will provide its self-flying car technology and product integration to help GAC develop its electric vertical takeoff and landing aircraft (eVTOL) project, a representative from the automaker told Caixin on Friday.