Geely to take stake in flying taxi JV

Zhejiang Geely Holding Group will invest in German flying taxi company Volocopter, and set up a joint venture with the startup to launch air taxis in China, the company said on Monday.

Geely led a round of investment that raised 50 million euros ($55 million) to help the VoloCity aircraft with its commercial launch within the next three years, the company said in a statement on Monday. Geely will take a 10 percent stake in the flying-car developer, it said.

Li Shufu, chairman of Geely Holding, said Geely has been "transitioning from being an automotive manufacturer to a mobility technology group".