Hyundai has launched a new air mobility division aimed at developing technology for the commercialization of flying cars, the latest company to dive into the emerging industry.
The South Korean automaker has appointed Dr. Jaiwon Shin as head of its new UAM (Urban Air Mobility) division. As aeronautics engineer who most recently led the Aeronautics Research Mission Directorate at NASA, Shin oversaw a $725 million program into aeronautics research initiatives, such as a supersonic X-plane, the electrification of aircraft, UAS traffic management and urban air mobility.
The urban air sector is expected to grow into a market worth $1.5 trillion within the next 20 years, according to Hyundai. However there are many others pursuing various kinds of air taxis, including Uber, Kitty Hawk, Terrafugia and Volocopter, to name a few.
These companies including Hyundai, see the flying cars as a way to solve the traffic problems on the ground. Flying cars could merely move that congestion to the skies, which is why technologies around airspace traffic management is just as important as developing the aircraft.