Embraer’s Eve rolls out flying taxi prototype, cash needs covered until 2027

Electric aircraft manufacturer Eve has unveiled its full-scale prototype of a “flying taxi,” marking a significant milestone as it aims for certification and commercial service by 2026.

Eve, a subsidiary of Embraer, showcased its electric vertical take-off and landing (eVTOL) aircraft at its Gaviao Peixoto plant in Brazil on July 3, in an event attended by investors and clients.

As part of a growing trend among startups developing battery-powered aircraft for short urban trips, Eve’s eVTOL aims to offer a solution for avoiding traffic congestion. The company plans to commence flying tests with the prototype by the end of this year or early 2025, following ground tests that began in July

The initial prototype, which is equipped with electric engines, is a non-conforming model without a cabin or pilot. The final design will accommodate four passengers and a pilot. Bordais explained that this prototype will be used to test aerodynamics and transition between vertical and horizontal flight.

Having this full-scale prototype is a crucial step toward achieving certification, which Eve targets for 2026. The company applied for certification from Brazil’s civil aviation regulator in 2022.

Next year, Eve plans to produce five conforming prototypes and a pre-series eVTOL by 2026 as part of the certification process. Bordais emphasized the importance of this prototype for learning and overcoming technological challenges, noting that the testing phase is essential.

Currently, global power grids and infrastructure are not fully prepared for the demands of flying cars, including electricity supply and vertical take-off and landing ports.

Eve went public on the New York Stock Exchange in 2022, raising nearly $400 million for its eVTOL project, initially budgeted at $540 million. The company also secured a $92 million loan from the Brazilian state development bank BNDES.

Recent investments include a new round of funding totaling $94 million from Embraer and Japan’s Nidec, one of its key suppliers. This funding extends Eve’s financial runway to 2027, allowing continued development through the certification process.

With nearly 3,000 potential orders in hand, Eve is optimistic about converting these into firm contracts. Notable interested parties include United Airlines, charter firm Global Crossing, and aircraft lessor Azorra.

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