Saudi Arabia has invested $30 million in the development of flying cars, partnering with American company Doroni Aerospace to accelerate the production of the HX-1 eVTOL aircraft, a two-seater electric vehicle designed for personal use.
Doroni Aerospace, based in Pompano Beach, Florida, secured the strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. Under the agreement, the HX-1 will be manufactured in Saudi Arabia starting in 2027, marking a significant step in the Kingdom’s push for futuristic mobility solutions.
The HX-1 is an electric vertical take-off and landing (eVTOL) aircraft that can be charged at home, parked in a two-car garage, and take off from a driveway, making it a game-changing innovation in air travel.
The investment will be made in two phases: an initial $5 million at closing, with the remaining $25 million contingent on key milestones over the next two years. Once the project is completed, KAI will hold a 40% stake in Doroni Aerospace.
Doroni CEO Doron Merdinger expressed optimism about the partnership, stating, “This collaboration aligns with our mission to bring transformative air mobility solutions to the world. We are excited to establish a world-class manufacturing hub in Saudi Arabia.”
The initiative is part of Saudi Arabia’s Vision 2030, which focuses on economic diversification beyond oil and investment in advanced technologies, including flying cars. The Kingdom aims to be at the forefront of next-generation transportation, with the HX-1 expected to launch by 2026.