Geely Holding Group is in advanced negotiations to acquire Volocopter

Zhejiang Geely Holding Group is in advanced negotiations to acquire German flying taxi startup Volocopter, which will help Volocopter avoid bankruptcy. It is reported that Geely Holding Group plans to lead a consortium to acquire a majority stake in Volocopter and inject new capital into it. The amount of this round of financing is about US$95 million, which will exchange about 85% of the equity. In addition, the office of the family of German industrialist Gerhard Sturm is also involved in the transaction. If the transaction is successful, Volocopter's valuation will drop from a peak of US$1.9 billion in 2022 to about US$110 million.