Volocopter, the German air taxi developer backed by Saudi Arabia’s Neom giga-project, has filed for insolvency, blaming difficulties in securing fresh funding. The company, whose high-profile backers include Mercedes-Benz,

German air taxi maker Volocopter has filed for bankruptcy, the company has said. “Despite recent intensive fund-raising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,

German air taxi manufacturer Volocopter has declared insolvency as it seeks new funding, the company announced from its headquarters at Bruchsal near Stuttgart. "The company needs funding that will allow it to take the final steps to entering the market,