- Shanghai targets an annual output value of about RMB 80 billion ($11.4 billion) for the core industries of its low-altitude economy by 2028.
- The city targets establishing mass production capabilities for over 500 new-generation aircraft models by 2028.
Shanghai, a megacity in eastern China, aims to become the "world's eVTOL capital" as China's low-altitude economy accelerates.
The Shanghai government outlined this goal in a document released today to expedite the development of an advanced manufacturing cluster for the low-altitude economy.
eVTOL stands for Electric Vertical Takeoff and Landing, often referred to as flying cars.
Shanghai aims to achieve a core low-altitude economy industry scale of about RMB 80 billion ($11.4 billion) by 2028, according to the document.
The city's goal is to establish a complete industrial chain system for new low-altitude aircraft by that time, build a national advanced manufacturing cluster for the low-altitude economy, and accelerate its progress toward becoming the "world's eVTOL capital" with distinct comparative advantages, the document said.
Shanghai aims to cultivate and attract a total of 10 leading manufacturers of eVTOLs, industrial-grade drones, and new-energy general aviation aircraft by 2028.
The city targets achieving mass production capacity for over 500 new-generation aircraft by that time, driving more than RMB 20 billion in new investments across the industrial chain.
Shanghai will also actively integrate into the global low-altitude economy market and accelerate the overseas expansion of low-altitude equipment, the document says.
Over recent years, China has relaxed restrictions on low-altitude airspace, positioning eVTOLs as the next promising sector.
By 2030, China could see 100,000 eVTOLs entering households or operating as air taxis, according to a November 2024 report by the China Low Altitude Economic Alliance.
Guangzhou-based Xpeng's (NYSE: XPEV) flying car subsidiary Aridge has established a mass-production facility in Guangzhou, targeting mass production and delivery of its modular flying car by 2026.
Chery (HKG: 9973), GAC Group, Changan Automobile, and FAW Group are also developing their own flying car products. Last month, Anhui Jianghuai Automobile Group Corp (JAC) established a laboratory to explore flying car technology.
Earlier this week, rumors surfaced that BYD planned to launch flying cars, but these were denied.
($1 = RMB 6.9937)
