Hanwha Aerospace agrees to terminate deals worth 454.8 bln won with Vertical Aerospace
SEOUL, Aug. 3 (Yonhap) -- Hanwha Aerospace Co. said Monday it has agreed to term...
Hanwha Aerospace has decided to end two contracts with British company Vertical Aerospace worth a total of 454.8 billion won (US$318 million). These deals, signed in 2022 and 2023, were meant to provide components for Vertical Aerospace's VX4 electric vertical takeoff and landing (eVTOL) aircraft, designed for four passengers. However, the project's timeline has been pushed back, and market conditions have shifted, leading Hanwha Aerospace to make this strategic decision in a regulatory filing.
Despite fulfilling their contractual obligations, Hanwha Aerospace announced a memorandum of understanding with Vertical Aerospace to maintain their partnership.
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