SpaceX-backed startup says preorders for its $300,000 futuristic flying car have reached 2,850
BARCELONA, Spain — Alef Aeronautics, a SpaceX-backed flying car firm, says it has reached 2,850 preorders for its futuristic electrical vertical takeoff and landing (eVTOL) vehicle.
Alef Aeronautics, which is based in San Mateo, California, said preorder numbers recently hit a fresh record after previously reporting 2,500 preorders for its two-seater flying car, the Alef Model A.
Customers can access preorders for the Model A online, and to preorder, you have to put down a $150 deposit for the vehicle. Customers can pull the deposit at any time if they want to, so they’re not locked in.
Alef is planning to charge customers $300,000 for the Model A when it becomes commercially available — so on 2,850 preorders, that would give it a combined order value of over $850 million to date.
“As of today we have a little bit more than 2,850 preorders with deposits down, which makes it the best-selling aircraft in history, more than Boeing, Airbus, Joby Aviation, and most of the eVTOLs [electric vertical takeoff and landing vehicles] combined,” Alef’s CEO Jim Dukhovny told CNBC.
At a price of $300,000, Alef is asking its prospective customers to part with a lot of cash. Dukhovny insists the higher price tag is needed as Alef is still a startup and isn’t making any serious money yet.
Alef Aeronautics’ Model A car, which it showed off at Mobile World Congress as a half-size model, resembles an actual car with a mesh shell protecting rotors on the inside that allow air to flow through the vehicle.
David Zorrakino | Europa Press | Getty Images
Alef is separately working on a four-person sedan, though, the Model Z, which is scheduled for launch by 2035 at a price of $35,000, matching that of cheaper-priced electric vehicles.
Alef is one of several startups attempting to make flying cars a reality. Others include Lilium, the Germany-based air taxi startup, as well as Chinese company Joby Aviation. Last year, South Korean telecom firm SKTelecom told CNBC it plans to launch a flying taxi service in partnership with Joby Aviation in 2025.
Alef is backed by the likes early Tesla investor Tim Draper and Elon Musk’s space exploration firm SpaceX.
How does Alef’s car work?
Most of the players on the market currently are building models that resemble a jet and come with wings attached to the sides, or big helicopter-like rotors.
What Alef is going for is a much more different style of vehicle. The company’s Model A car, which it showed off at Mobile World Congress as a half-size model, resembles an actual car with a mesh shell protecting rotors on the inside that allow air to flow through the vehicle.
Dukhovny calls Alef’s vehicle the “first flying car in history.” He says it’s the first because, rather than the massive drone-like designs we’ve seen in vehicles from the likes of Lilium and Joby Aviation, Alef’s looks like an actual car.
“I know that people have claimed the first flying car,” Dukhovny said. “But we always had the idea that it has to be a car, a physical car, a regular car, as you can see it’s an eVTOL, an electric car. a regular car, drive, park, look, everything as a car, and a vertical takeoff.”
Alef’s car is mainly designed to be driven on the road, but will be able to take to the skies, too.
To drive on the road, the car uses four small engines in each of the wheels, and will drive similar to a normal electric car. It has eight propellers in the front and back of the car, which spin independently at different speeds to allow it to fly in any direction.
The Alef Model A has a cruise speed of 110 miles per hour while in the air, while on the road it is limited to between 25 and 35 miles per hour.
Once it lifts off, the Alef Model A can then turn onto its side while the cockpit swivels so that the driver can continue facing forward and the car practically becomes a biplane with the long sides of the vehicles serving as the top and bottom “wings.”
Targeting 2025 launch
The Alef Model A, which weighs 850 pounds, also qualifies as an ultra-light vehicle, meaning it comes under the same legal classification as small electric vehicles like golf carts.
Dukhovny says that should make it easier for the car to pass key regulatory approvals to get the green light to launch flights in 2025.
“If everything goes right, we plan to, and if we have enough funding, if the law is at least not going to be worse, it’s going to be existing as it is, we plan to start production of the first one by the end of 2025.”
Last year, the Federal Aviation Authority granted Alef a special airworthiness certificate, allowing for limited purposes that include exhibition, research, and development of its flying car. Alef still needs to get further approval to pave the way for consumer flights.
However, Dukhovny concedes that, despite the company’s high preorder number, it’s not going to be able to match that demand straight away.
“It’s crazy how to produce 2,850 vehicles,” Alef’s CEO said. “We’re going to start slow. And when people think that’s a million of those that are going to fly over San Francisco or Barcelona, that’s not going to happen. It’s going to be very slow — one, and then more, and then more,” he added.
On today’s episode of Quick Charge, Hyundai doesn’t care if incoming President Trump kills the $7,500 Federal EV tax credit, California’s planning to offer an EV tax credit of their own, and there’s a massive new solar project in Texas prairie land.
We’ve also got Tesla hoping to meet its Q4 sales goals by throwing all the EV demand levers in China while, at the same time, looking to hire remote drivers for its so-called “autonomous” robotaxis.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
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Environment
Banana auction billionaire’s $30 million investment in Trump’s crypto token highlights new ways to enrich president-elect
Justin Sun, founder of blockchain platform Tron, poses for a photograph in Hong Kong, China, on Friday, May 8, 2020.
Calvin Sit | Bloomberg | Getty Images
Tron blockchain founder Justin Sun has invested $30 million into Donald Trump’s crypto project, World Liberty Financial, he announced Monday.
“We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor,” Sun wrote in a post on X.
Sun recently made national headlines when he spent $6.2 million at a Sotheby’s auction for a banana duct-taped to a wall.
World Liberty Financial, the Trump-branded crypto platform, aspires to be a sort of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital coins.
Trump has licensed his name and promotional considerations to the venture through an LLC, with no assumption of liability. In exchange, Trump’s LLC received billions of tokens and the right to 75% of revenues above a $30 million threshold.
The platform launched a WLFI token last month, and said in a roadmap that it was looking to raise $300 million at a $1.5 billion valuation in its initial sale.
Before Sun’s investment, $21.2 million worth of the token had been sold. As of Monday afternoon, $51.2 million worth of the token had been sold, according to its website. Sales now appear to have crossed the $30 million threshold to trigger revenue distribution to Trump’s LLC.
“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump ! TRON is committed to making America great again and leading innovation. Let’s go!” added Sun.
WLFI co-founder Zachary Folkman has said “well over 100,000 people” are on the whitelist to invest in the token. But as of Monday afternoon, only about 20,400 unique wallet addresses hold the token, according to blockchain data tracked by Etherscan, representing roughly 20% of the total number of people who registered.
“There have been a number of similarly significant purchases in recent weeks, and we are confident about future success and building out something that helps to make finance freer and fairer,” Folkman said in a statement. “We expect more such developments to happen in the coming weeks and months.”
While Trump does not take office until January, Sun’s investment in WLFI, and the revenue it appears to direct to Trump’s LLC under the terms disclosed, highlights the way Trump’s newer business ventures, like his social media company Trump Media Technology Group and this crypto venture, could offer more direct opportunities for individuals to enrich the president-elect than Trump’s hotels and office buildings did.
During Trump’s first term in office, there were near constant questions about whether foreign governments’ lavish spending on rooms and banquets at Trump’s Washington, D.C. hotel amounted to violations of the Constitution’s “emoluments clause.”
The clause bars federal office holders from accepting payments or things of value from foreign governments and their representatives.
But Trump’s hotel rooms and office space have relatively fixed prices, and costs that cut into total profits.
By contrast, the investors in Trump’s newer ventures — as demonstrated by Sun’s token purchase — can inject tens of millions of dollars, instantly, with little to no cost to Trump.
Spokespeople for the Trump presidential transition, World Liberty Financial and Sun’s Tron did not immediately reply to requests for comment.
Sun’s purchase comes as Trump actively works to assemble his list of appointees. The president-elect wrapped up cabinet appointments over the weekend and has since moved on to other agency and department leaders.
Coinbase CEO Brian Armstrong reportedly met with Trump to discuss appointments on Nov. 18. Within a day, conversations swirled about the potential for Trump to create the White House’s first crypto czar.
By the end of the week, longtime crypto foe and SEC chairman Gary Gensler, whose term doesn’t expire until June 2026, announced he would be retiring on Inauguration Day.
Trump has yet to select a nominee to lead the SEC in Gensler’s place. Under new leadership, the securities regulator could choose to drop some of its enforcement actions against major crypto ventures. It’s unclear how Tron’s case could be impacted.
In March 2023, the commission unveiled fraud and unregistered securities charges against Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy.
The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges, including Genesis, Gemini, Coinbase, Binance, and Kraken.
The crypto industry showed up in force this election cycle. Several notable sector leaders including Gemini co-founders Tyler and Cameron Winklevoss, as well as multiple C-suite executives from crypto firms battling the SEC, donated to PACs supporting the Trump campaign.
Veteran bicycle brand and e-mobility innovator Huffy is joining the Black Friday sales festivities with an exclusive deal for Electrek readers on its 36-volt Electric Green Machine drift trike. Use the promo code below for 30% off your purchase.
Huffy puts over 130 years of experience into its products
Huffy is easily a household name in bicycles. The company is celebrating over 130 years in the segment and has shown no signs of slowing down. The brand is sold across thousands of retail locations and ships millions of bikes to customers throughout the US and 40 additional international markets each year.
The Huffy name is known for products that deliver riders comfort, style, and durability. Whether on a bike, trike, scooter, or ride-on, there’s something for every member of the family to enjoy. Since 2019, Huffy has been calling riders together with its rally cry, “Live the Ride,” which encourages families to celebrate togetherness by exploring the outdoors atop its products.
Whether that means leisurely rides through local parks with friends, family outings, traversing local trails, or exploring new cities during a summer getaway, Huffy strives to remind riders of the simple youthful joy that riding can bring.
Since Huffy launched the 20” Green Machine in 2023, teens and adults have been asking for a version that would allow them to experience the same adventure, fun, and thrill of each spin and drift. Huffy answered the call with their new Electric Green Machine, a nostalgic and electrified version of the classic drift trike Huffy fans know and love. This powerhouse drift-trike is packed with 36 volts of electric power and a 250-watt front hub motor that lets riders reach exhilarating speeds of up to 15 miles per hour. Perfect for thrill-seekers ages 14 and up, the Electric Green Machine reignites the fun and excitement of childhood rides.
All of Huffy’s products, including the Electric Green Machine seen below, are thoughtfully crafted for the moments that happen when you pop up your kickstand and see where the path takes you. In the case of the E-Green Machine, Huffy wants riders to unleash a whirlwind of thrilling drifts and slides right when they climb into the cockpit.
To help even more riders experience holiday thrills this season, Huffy is offering an exclusive discount on the Electric Green Machine for Electrek readers. Whether buying it for yourself or friends and family, the Electric Green Machine is the perfect gift to put under the tree this holiday season. If you’re ready to start drifting, use the promo code below to save some “green” on your purchase⎯but only for a limited time!
Don’t miss Huffy’s Black Friday deal on the Electric Green Machine
The new Electric Green Machine is available on Huffy.com for $599.99. However, you can use promo code “ELECTREKGM” at checkout for 30% off your purchase (valid on the Electric Green Machine only).
Huffy’s Black Friday deals are available now, but only until 11:59 PM on December 8, 2024, so act quickly while supplies last. This year, holiday thrills start with red and green at Huffy. Be sure to take advantage of this limited-time offer and check out the other limited-time deals on Huffy’s site this week (offering up to 55% across a range of products).
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