The FAA has Granted an Airworthiness Certificate to a Prototype Future Flying Car:

THE NEW YORK The first Future Flying Car totally electric vehicle that can both fly and ride on roads to earn U.S. government certification has been licenced for testing by the Federal Aviation Administration. The automobile, which a California startup refers to as a flying car, is described as such by the company.

According to Alef Automotive, its flying vehicle, known as the “Model A,” is the first one that can be driven on public roads and parked similarly to a regular car. Additionally, it can take off and land vertically. It will reportedly feature a capacity for one or two passengers and a road range of 200 miles as well as a flying range of 110 miles.

The first delivery is scheduled at the end of 2025, and the business anticipates selling the vehicles for $200,000 apiece.

According to the FAA, it has granted the business a unique airworthiness certificate, allowing for just a few specific uses, such as display and research and development.

Future Flying Car
©Future Flying Car

Several businesses are developing VTOLs, or vehicle takeoff and landing aircraft, which are entirely electric. Alef received a unique airworthiness certificate, however the FAA claimed that it is “not the first aircraft of its kind” to do so. Alef pointed out that the vehicle’s capacity to work on land and in the air, to look like a typical automobile, and to park in a typical parking area set it apart from other vehicles.

“We’re thrilled to acquire this FAA clearance. It advances our goal of giving commuters a quicker, more ecologically responsible option while also saving people and businesses hours each week. According to Jim Dukhovny, the CEO of Alef, “this is one tiny step for aeroplanes, one enormous stride for autos.

According to the company’s website, the flying car will be approved as a “low speed vehicle,” meaning it won’t be allowed to go more quickly than 25 mph on cemented roads. The business stated on the website that “the assumption is that, if a driver needs a faster route, a driver will use Alef’s flight capabilities.”

However, it still requires permission from the National Highway Traffic Safety Administration before it can be used on public roads.

The vehicle has been under development since 2015. Inspired by the “Back to the Future” films, which predicted flying vehicles will be accessible in that year, four friends—Constantine Kisly, Pavel Markin, Oleg Petrov, and Dukhovny—decided to start a business to try to produce such.

The business claims that a full-size prototype was successfully flown the year after an autonomous test flight of the car’s skeleton was completed in 2018. Alef, however, claimed that in order to proceed with the required research and development, it was necessary to have the FAA’s special airworthiness certificate.

The business also disclosed that earlier this year, it had accepted pre-orders for more than 400 of the cars that were later refunded for a fee of $150 for general line or $1,500 for priority queue.

Four graphs demonstrate that used vehicle pricing will not soon return to normal.
Four graphs demonstrate that used vehicle pricing will not soon return to normal.

Since the beginning of the year, the used automobile market’s sales volume and prices have risen sharply and continue to do so. Used car sales and pricing are projected to stay robust during the customarily busy summer purchasing season, driven by the higher end of the market, newer cars, and more costly brands and models like SUVs.

CoPilot calculated the gap between the price of each used car now and what it would be worth at retail if not for the remarkable dynamics of the last two years using its PricePulse data collection.

Actual stated pricing and predicted used car prices differ significantly:

Used automobile prices rose for the fourth consecutive month in May as of June 1, 2023, but at a slower pace than in April. In May, the average price of used automobiles advertised was $32,113, an increase of $194 (or 0.6%) from April. Used automobile prices have climbed by $1,693 (or over 6%) since February because to robust customer demand and confidence, particularly among more affluent consumers who continue to reap the benefits of saved money from the epidemic period.

Newer, more costly vehicles have the largest price rises:

Prices for 1-3 year old cars declined by just $225 in the previous month to an average of $41,057; nevertheless, sales of these cars increased 9% in May thanks to a successful Memorial Day weekend. These nearly-new cars, whose average price has been above $40,000 for four straight months, are a good sign of strong consumer confidence and steadfast demand, which will keep supply low and prices high for the foreseeable future.

Tighter credit requirements and higher interest rates are making car purchases at the older, less costly end of the market even less feasible overall. There is a lack of inventory in this market segment; dealer inventories of automobiles between the ages of 4 and 7 and 8 to 13 have fallen to nearly unheard-of levels of 35 and 28 days, respectively. Through the whole epidemic, this pattern has persisted: From 53% of the used market in 2019 to just 27% today, used automobiles priced under $20,000 have lost half of their market share.

SUVs are leading the price increase, up a startling 9% in three months:

SUVs in particular, which are more costly vehicle classes, are driving the market’s sustained growth. The average cost of used SUVs has grown by $3,502 (or 9%) in only the last three months, to $43,652. They are $9,076 (or 26%) more expensive than average, and their Premium increased by 53% during the same time.

The average price of a minivan has risen to $25,045 for the second month in a row. This implies a $541 (2%) price increase from April. Since February, the premium for used minivans has risen every month except once. Used pickup vehicle listing prices on average increased by $283 (or 0.7%), to $41,529. The cost of secondhand pickup trucks has risen for the third month in a row. On a percentage basis, used pickup trucks are still the sector that is second-closest to returning to average levels.

The only bright light in the secondhand automobile market is Tesla:

Petrol prices, which peaked in July following a run-up in the spring of 2022, have decreased since last summer in lockstep with the pricing of Teslas and other electric vehicles. Used Tesla prices have fallen 33% (or $23,500) from their high last summer and 8% (or $3,944) since the EV industry pioneer first revealed price reductions for some of its new models in January 2023. Used Tesla, which now list for $1,598 (or 3%) less than expected normal levels, became the first brand to achieve normal pricing levels in May with an average price of $47,578.

CoPilot generated this article, and Stacker Media edited, evaluated, and published it.

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