
Vertical Aerospace has told shareholders it is a few weeks away from completing the assembly of its second VX4 eVTOL aircraft prototype as it prepares to resume flight testing ahead of planned public demonstrations at London’s Heathrow Airport and during the Farnborough International air show in July. The new prototype is more advanced than the first aircraft, which was damaged in an accident last year, with more components supplied by partners that will support the manufacturing of production aircraft, including GKN Aerospace.
In a March 14 letter to investors, the UK company said that it spent £74.7 million ($92.9 million) in net cash during 2023 as it seeks to conserve capital reserves needed to complete type certification for the four-passenger aircraft. On March 13, it received an additional $25 million in funding from founder and CEO Stephen Fitzpatrick, with another $25 million to be paid on July 31.