BEIJING: German startup Volocopter said it plans to form a partnership with Zhejiang Geely Holding Group that will bring its air taxis to China and that it has raised €50 million ($55.13 million) in fresh funding from the Chinese company and others.
Volocopter, which says it is building the world’s first manned, electric and vertical takeoff air taxis, said in a statement on Monday that the other investors in the new funding round include German luxury car maker Daimler, which it had previously raised money from.
It did not say how much each investor contributed, but added that the most recent deal increases the total capital it has raised to €85 million, and that the new funds will be used toward bringing its VoloCity aircraft to commercial launch within the next three years.
Geely’s chairman Li Shufu said in the statement that the investment reflected how the Chinese company is transitioning to become a mobility technology group, investing in and developing a wide range of next-generation technologies.
The co-operation underlines “our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services,” Li said.
The investment is not Geely’s first bet on flying machines. It is building a plant in China’s central city of Wuhan to make Terrafugia branded flying cars, company documents show.
Geely bought a 9.7 percent stake in Daimler in 2018. The companies have said they plan to build the next generation of Smart electric cars in China through a joint venture. They also plan to form a premium ride-hailing joint venture in China.
Geely to bring air taxis to China in tie-up with Daimler-backed Volocopter
Geely to bring air taxis to China in tie-up with Daimler-backed Volocopter
- Daimler investment reflects how the Chinese company is transitioning to become a mobility technology group
- The investment is not Geely’s first bet on flying machines
Canada deepens investment ties with Qatar, expands economic engagement with Egypt
RIYADH: Canada and Qatar moved to formalize a more in-depth and investment-focused partnership during an official visit by the country’s Prime Minister Mark Carney to Doha.
The visit was the first by a sitting Canadian leader, with both governments agreeing to elevate bilateral ties through new economic, security, and financial frameworks.
At the center of the meeting was an agreement to launch a foreign ministers–level strategic dialogue and advance a pipeline of trade, investment, and defense cooperation initiatives aligned with Canada’s diversification priorities and Qatar National Vision 2030.
Several memorandums of understanding were signed, including accords on joint economic cooperation, information technology, and security collaboration for the 2026 FIFA World Cup, which Canada will co-host.
The visit underscored the rapid expansion of Qatar–Canada relations, which have gained momentum following high-level exchanges in recent years, including a 2024 visit by Sheikh Tamim bin Hamad Al-Thani to Ottawa.
Both sides emphasized trade and investment as a central pillar of the relationship, with Qatar committing to significant strategic investments in Canadian nation-building projects and the North American nation pledging to send a delegation of investors, including major pension funds, to explore opportunities in Qatar.
“Qatar is an effective, expansive, and increasing diplomatic force in the world today. They are a critical partner to Canada in many shared pursuits of peace and stability, from Ukraine to the Middle East,” Carney said.
“It is a relationship forged over many years by profound acts of friendship, including the Qataris’ effort to evacuate more than 200 Canadians from Afghanistan in 2021. Now we’re elevating our relationship — with an ambitious, new strategic partnership across trade, commerce, investment, AI, and defense — to deliver greater stability, security, and prosperity for our peoples,” he added.
As part of the economic agenda, the two governments agreed to conclude negotiations on a Foreign Investment Promotion and Protection Agreement by summer 2026 and to begin talks on a Double Taxation Agreement.
They also committed to expanding bilateral air services and establishing a Joint Economic Commission to support cooperation across sectors, including mining, agriculture, telecommunications, transportation, and science.
Financial cooperation featured prominently alongside the diplomatic talks.
Sheikh Bandar bin Mohammed bin Saoud Al-Thani, governor of the Qatar Central Bank and chairman of the Qatar Investment Authority, met with Canada’s Finance Minister Francois-Philippe Champagne to discuss cooperation in banking and finance and ways to deepen institutional collaboration.
Separately, Canada’s economic engagement in the region extended to Egypt, where Cairo’s Minister of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs, Badr Abdelatty, met with a delegation of business leaders from the North American country.
The talks focused on strengthening trade and investment ties, with Egyptian officials encouraging Canadian companies to expand investments in energy, agriculture, and water resources.
According to Egypt’s Foreign Ministry, Abdelatty highlighted recent economic and financial reforms aimed at improving the investment climate and reaffirmed government support for the Egyptian-Canadian Business Council in attracting Canadian capital and boosting Egyptian exports.
The discussions were built on outcomes from political consultations held in April, which included an Egyptian business delegation’s visit to Ottawa.
