Finance, Taxes, Insurance
Wanfeng’s Diamond Aircraft Absorbs eVTOL Developer Volocopter
Fewer than half of Volocopter’s employees will resume work after the restructuring
Volocopter's VoloCity eVTOL aircraft
After being rescued from insolvency, Volocopter will resume work on its two-seat VoloCity eVTOL aircraft.

Diamond Aircraft is absorbing eVTOL aircraft developer Volocopter after its Chinese owner Wanfeng agreed to acquire the company’s assets from a court-appointed insolvency administrator. On March 14, Volocopter issued a statement saying it is being integrated with Austria-based Diamond Aircraft Industries but will continue to operate from its headquarters in Bruchsal, Germany.

According to a Chinese stock market statement, automotive and aviation group Wanfeng is paying just €10 million ($11 million) to buy Volocopter’s assets and intellectual property, while taking on its contractual and employment obligations. The statement valued assets at €42 million, including prototypes of its two-seat VoloCity eVTOL model, for which the company is targeting EASA type certification this year.

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