Google Stock Up, Larry Page Flying Automobile Startup Kittyhawk to Close

Google stock NASDAQ:GOOGL

Google stock (Alphabet) was up $100.14 as of Thursday.

The flying automobile firm Kittyhawk, which was financed by Larry Page, a co-founder of Google (NASDAQ:GOOGL), has announced its closure. The decision to wind down Kittyhawk has been made. The specifics of what comes next are still being worked on, the company stated on Wednesday.

Sebastian Thrun, a former Google engineer who worked on self-driving cars, started the business in 2010 to create a market for so-called electric vertical take-off and landing aircraft (eVTOLs). In 2019, the business established a relationship with Boeing that contributed $450 million to the Wisk joint partnership. The closure of Kittyhawk, however, supposedly has no impact on this cooperation. Boeing’s commitment to Wisk is unaffected by Kittyhawk’s decision to stop operating, a company representative told Fortune. 

In the second half of the decade 2010, the covert corporation started disclosing some of its projects. It unveiled the specifications of Flyer, an ultralight eVTOL built for over-the-water flying, in 2017. The business claimed that Flyer would be retired in 2020 “after more than 25,000 successful test flights.” The following year, the startup introduced the Cora eVTOL aircraft, which had substantial improvements in “speed and safety.”

According to the business, “this ambitious air-taxi established the first FAA certification base for passenger-carrying, remote-piloting aircraft.” The business’s joint venture with Boeing, Wisk, continued to develop the aircraft. The market for these eVTOLs is expected to be over $850 billion by 2040, according to Morgan Stanley, which has led many large corporations, including Boeing, Airbus, Lockheed Martin, and others, to spend extensively on research and development of air taxis.

The ability to transition between vertical and forward flying modes has been the technology’s toughest hurdle, according to experts. Additionally, air taxis do not currently possess large-scale human transportation certifications from aviation authorities. Kittyhawk sought to create autonomous eVTOLs that were lighter and smaller in order to “democratize the skies.” The corporation had stated on its website, “If anyone can do this, we can.” One of the world’s leading innovators in flying taxis comes to an end with the closure of the firm.

Google Stock Forecast

Despite the fact that global stock repurchases decreased by roughly 22% from the prior quarter, Apple (NASDAQ:AAPL) and Google stock (NASDAQ:GOOGL) led all U.S. businesses in stock buybacks during the second quarter, according to S&P Dow Jones Indices.

Featured Image-  Megapixl @ Twindesign

Please See Disclaimer

About the author: I'm a financial freelance writer keen on the latest market developments which i articulate with writing stock updates, press releases and investor news. As a person i live by the code of a sustainable human existence and a carbon neutral universe. When off work, i spend time reading non-fiction books, flying drones, and outdoor cycling.