Hyundai Motor sets up ‘Urban Air Mobility’ unit

An artist’s rendition of a “flying car.”  ILLUSTRATION / FREEPIK.COM

APPARENTLY, Hyundai Motor Group has a “newly established Urban Air Mobility Division” as the carmaker on Monday announced the appointment of the head of this unit.

Named executive vice president and head of the division was Jaiwon Shin, who Hyundai said is an “internationally renowned aeronautics engineer.” Shin will lead the company into a “new era of developing smart mobility products within the aviation industry,” according to Hyundai’s announcement.

Hyundai said it expects urban air mobility to become a “critically important part” of solutions on traffic congestion in mega cities. The carmaker promises to provide innovative smart mobility solutions “never seen or thought of before.”

Shin said the new Hyundai unit will develop core technologies that will “establish the company as a driving force in urban air mobility, a sector that is expected to grow into a market worth $1.5 trillion within the next 20 years.”