A bird’s-eye view of an eVTOL. [Photo/Shanghai Observer]
Shanghai Low-altitude Economy Industry Development Co Ltd was established on Dec 20.
The company, jointly owned by six State-owned enterprises in Shanghai, marks a significant step towards enhancing the city’s influence in the low-altitude economy sector, as confirmed by the Shanghai Municipal Commission of Economy and Informatization.
The current six shareholders of the newly formed company are Shanghai Airport (Group) Co Ltd, Shanghai Airport Investment Co Ltd, Shanghai East Hongqiao Investment Development (Group) Co Ltd, Shanghai Urban Construction (Group) Co Ltd, Shanghai Jiushi (Group) Co Ltd, and the Shanghai Information Industry (Group) Co Ltd. These enterprises collectively specialize in crucial facets of the low-altitude economy industry, including airport operations, infrastructure construction, and communication networks.
Since the onset of 2024, Shanghai has introduced a series of policies aimed at solidifying its position as a hub for low-altitude economy. One of the goals of these policies is to establish a complete industrial system by 2027, dedicated to developing and designing, manufacturing and deploying a new low-altitude aircraft. The core industry is projected to achieve a scale exceeding 50 billion yuan ($6.8 billion).
Furthermore, regional initiatives are underway to create an extensive low-altitude public air route network in Shanghai and neighboring cities within the Yangtze River Delta region. Financial support is also being extended to enterprises located in Yangpu and Jinshan districts to facilitate their participation in this developing sector.
Noteworthy progress has already been made in the realm of electric vertical take-off and landing (eVTOL) aircraft development in China. Five eVTOL developers in the country have successfully conducted their first flights, with four of these pioneering companies — AutoFlight, Volant Aerotech, TCab Tech, and Vertaxi — headquartered in Shanghai.
Source: Shanghai Observer
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