Brazilian electric plane manufacturer Eve Holding Inc, controlled by Embraer, announced on Monday that it has successfully conducted wind tunnel testing for its flying car prototype, bringing the futuristic vehicle one step closer to becoming a reality. The company aims to begin commercial operations of its fully electric vehicle, known as an electric vertical take-off and landing (eVTOL) vehicle or flying taxi, by 2026.
The completion of wind tunnel tests is a crucial milestone for certification by regulators and future production and sales worldwide. Luiz Valentini, Eve's top technology officer, stated that the information gathered during this phase of development has helped refine the technical solutions of their eVTOL before moving forward with production tooling and conforming prototypes.
In the first half of this year, Eve plans to finalize the selection of its main equipment suppliers and commence building its first full-scale prototype in the second half. Additional testing is scheduled for 2024. The company already has an order backlog of nearly 2,800 orders, with investments from United Airlines and Rolls-Royce.
The wind tunnel tests were conducted in Switzerland using a scale model of the eVTOL. This allowed Eve to assess the performance of various components, such as the fuselage and wings, during flight.
Eve, which debuted on the New York Stock Exchange last year, has prioritized certification as a crucial target. Analysts believe the company is on track to achieve its ambitious plans, even if it may not be the first to bring a flying car to market. According to Jefferies analysts, Eve's eVTOL has the potential to capture a significant share of the emerging eVTOL market.
Both Jefferies and JPMorgan recently increased their target prices for Eve, citing the company's strong backlog and support from Embraer. Eve's shares have experienced an approximate 10% increase this year.
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