Kim Dong-kwan, CEO of Hanwha Aerospace Strategy Division. (Photo=Hanhwa)

 

[Alpha Biz= Reporter Kim Sangjin] Hanwha Aerospace has announced that it has written off a 140 billion won loss related to its investment in the U.S. company Overair.

Hanwha Aerospace and Hanwha Systems jointly invested approximately 1.4 trillion won in Overair, a company developing urban air mobility (UAM) aircraft, starting in 2019. However, Overair faced difficulties including failure to secure Federal Aviation Administration (FAA) certification, financial issues, and workforce attrition. Despite this setback, Hanwha Aerospace remains committed to the UAM sector. The company is currently collaborating with British UAM firm Vertical Aerospace to jointly develop electric vertical take-off and landing (eVTOL) aircraft.

Additionally, Hanwha Aerospace plans to secure more defense contracts.

 

 

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