Hyundai Motor Group’s eVTOL plans have been taxied, with the company pausing work on its electric aircraft startup company, Supernal.
The details: A leadership shakeup at the startup has forced Hyundai to pump the brakes on its plans for Supernal, which conducted its first test flight of its technology demonstrator earlier this year.
The startup’s CEO Jaiwon Shin and CTO David McBride have departed in recent weeks, following staff cuts earlier this summer.
David Rottblatt, Supernal’s senior business development director, is currently overseeing operations as Interim COO.
What they’re saying: The “newly appointed leadership will assess and determine the optimal timeline moving forward,” Supernal told TechCrunch.
Why it matters: When launched, Hyundai’s eVTOL strategy signaled a major bet on the future of mobility taking flight in the air–with the company announcing in 2021 that part of its $7.4 billion investment in smart mobility solutions would be directed toward expanding its eVTOL plans.
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Between the lines: Hyundai Motor Group isn’t the only company struggling to get its eVTOL business off the ground.
In March, Diamond Aircraft Industries stepped in to save eVTOL developer Volocopter after the company filed for insolvency in late December.
Efforts to revive insolvent eVTOL company Lilium have faced delays due to legal complexities tied to the company’s assets.
Worth noting: In contrast, Stellantis-backed Archer Aviation recently raised $850 million, following a White House executive order to accelerate U.S. eVTOL rollout. Archer, with a liquidity position of approximately $2 billion, is set to serve as the official air taxi provider of the Olympic Games and Team USA for the LA 2028 Olympic Games.
Bottom line: Hyundai’s pause is a reality check for the eVTOL industry. Despite massive investment, many players are struggling with leadership, funding, and regulatory hurdles. The winners may be those with strong strategic backers and partnerships—while others could stall or consolidate.
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