FILE PHOTO: The logo for Eve Air Mobility is displayed on a screen during the company's debut on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2022. REUTERS/Brendan McDermid/
SAO PAULO (Reuters) - A flying car is one step closer to airborne reality following successful wind tunnel testing for the futuristic vehicle being developed by Brazilian electric plane maker Eve Holding Inc, the firm announced on Monday.
Eve, controlled by aircraft manufacturer Embraer, said it expects to start commercial operations of its fully electric vehicle in 2026.
The concept, called an electric vertical take-off and landing vehicle, or eVTOL, has been dubbed a flying taxi.
The completed wind tunnel tests are seen as key for certification by regulators, as well as future production and sales to buyers worldwide.
"The information we obtained during this phase of development has helped us further refine the technical solutions of our eVTOL, before committing to production tooling and conforming prototypes," said Luiz Valentini, Eve's top technology officer.
The company expects to conclude the selection of main equipment suppliers in the first half of this year and start building its first full-scale prototype in the second half. Additional testing is planned for 2024.
Eve holds a backlog of nearly 2,800 orders before starting production, with development backed by investors such as United Airlines and Rolls-Royce.
The wind tunnel tests were completed in Switzerland using an eVTOL scale model, which the company said helped it investigate how components such as its fuselage and wings will perform in flight.
Eve, which debuted last year on the New York Stock Exchange, has signaled that certification is one of its most pressing targets, Reuters reported in February.
Analysts see the firm on track to meet its lofty plans even if its not the first flying car to take off.
"The Eve eVTOL is unlikely to be first to market, although the order pipeline provides runway to capture market share of the emerging eVTOL market," according to Jefferies analysts.
Jefferies and JPMorgan last week increased their target prices for Eve, citing an industry-leading backlog and Embraer support.
Eve shares are up roughly 10% this year.
(Reporting by Gabriel Araujo; Editing by David Alire Garcia and William Mallard)
