Rolls-Royce share price: Group develops propulsion system for flying taxi

Engine maker starting search for partners

Rolls-Royce share price: Group develops propulsion system for flying taxi

Rolls-Royce Holdings (LON:RR) has designed a propulsion system for a flying taxi, the British engine maker has said. The company says it could take to the skies as soon as early next decade.

Rolls-Royce’s share price has climbed higher in today’s session, having gained 0.75 percent to 998.20p as of 08:40 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing at 7,661.19 points, flat in percentage terms. The group’s shares have added more than 10 percent to their value over the past year, as compared with a near four-percent gain in the Footsie.

Rolls-Royce develops flying taxi system

Rolls-Royce said in a statement yesterday that it had unveiled a concept electric vertical take-off and landing (EVTOL) vehicle at this year’s Farnborough International Airshow. The company said that the design could be adapted for personal transport, public transport, logistics and military applications and is based upon technologies that already exist or are currently under development. It could take to the skies as soon as the early 2020s.

“Building on our existing expertise in electric technologies and aviation, Rolls-Royce is actively exploring a range of possible markets and applications for electric and hybrid electric flight,” Rob Watson, who heads up Rolls-Royce’s Electrical team, said, adding that the company was “well placed to play a leading role in the emerging world of personal air mobility and will also look to work in collaboration with a range of partners”.

Analysts on British engine maker

The 16 analysts offering 12-month price targets for Rolls-Royce for the Financial Times have a median target of 972.50p on the shares, with a high estimate of 1,279.00p and a low estimate of 675.00p. As of July 13, the consensus forecast amongst 20 polled investment analysts covering the blue-chip engine maker advises investors to hold their position in the company.

As of 09:11 BST, Monday, 16 July, Rolls-Royce Holding PLC share price is 997.40p.

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