(Yicai) July 16 -- TCab Technology said it has signed a USD1 billion deal to supply Autocraft, an air mobility company based in the United Arab Emirates, with its electric vertical take-off and landing aircraft, making it the largest ever order for such vehicles placed with a Chinese supplier.

Under the agreement, TCab will deliver 350 of its flagship E20 eVTOL vehicles to Autocraft, the Shanghai-based startup announced today. The first batch is set to be delivered after obtaining airworthiness certification from the Civil Aviation Administration of China, Xinhua News Agency reported.

An eVTOL is an aerial transportation vehicle that can take off and land vertically like a helicopter. As well as not requiring a runway, the electric craft has other benefits such as low noise levels and reduced carbon emissions.

With a 12-meter wingspan and a tilt-rotor configuration, the E20 can travel up to 200 kilometers at a top speed of 320 kilometres per hour carrying a pilot and four passengers.

The Autocraft order is a key breakthrough for TCab's overseas expansion, said founder and Chief Executive Huang Yongwei. The company, founded in 2021, will work closely with its partners to enable Chinese low-altitude technology to "take off" in more locations, he added.

The order adds to growing confidence that air taxis can achieve commercial rollout, including for low-altitude tourism. The global eVTOL market is expected to be worth nearly USD30 billion by 2030.

Per the agreement, Autocraft will leverage its local policy resources, geographical advantages, operational experience, and local market expertise, while TCab will provide its expertise in eVTOL research, development, manufacturing, and systems integration.

The two companies aim to jointly push pilot project deployments and commercial rollouts, TCab said.

Editor: Tom Litting