Saudi Arabia invests $30m in flying car manufacturing
Saudi Arabia has committed $30 million to the development of flying cars, partnering with American company Doroni Aerospace. The investment, announced in a press release, is set to accelerate the production of the HX-1, a two-seater electric aircraft designed for personal use.
Doroni Aerospace, based in Pompano Beach, Florida, secured the strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. According to Doroni's CEO, Doron Merdinger, the agreement includes plans for a joint venture to begin manufacturing the HX-1 in Saudi Arabia starting in 2027.
The HX-1 is an electric vertical take-off and landing (eVTOL) aircraft, which can be charged at home, parked in a two-car garage, and take off from a driveway. This partnership will accelerate the development of the eVTOL technology, with the goal of launching the aircraft by 2026.
The $30 million investment will be made in two phases: an initial $5 million at closing, with the remaining $25 million tied to key milestones in the next two years. Upon completion, KAI will hold a 40% stake in Doroni.
'This partnership aligns with our mission to bring transformative air mobility solutions to the world,' said Merdinger. 'We are proud to help drive Doroni's vision forward and establish a world-class manufacturing hub in Saudi Arabia.'
This move is part of Saudi Arabia's broader Vision 2030 initiative, which seeks to diversify the country's economy beyond oil and invest in advanced technologies like flying cars.
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