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As the race for market share within the Urban Air Mobility (UAM) market heats up a collaboration has been announced between one of the world’s biggest carmakers Porsche and leading plane maker Boeing.

The Memorandum of Understanding between the two companies will see both parties leverage its unique market strengths and insights to study the future of premium personal urban air mobility vehicles.

The sports car is looking to become a leading brand for premium mobility, saysDetlev von Platen, member of the executive board for sales and marketing at Porsche AG.

He commented: “Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility.

“In the longer term, this could mean moving into the third dimension of travel.

“We are combining the strengths of two leading global companies to address a potential key market segment of the future.”

Two international teams will be created by both companies, as part of the partnership, to address various aspects of urban air mobility, including analysis of the market potential for premium vehicles and possible use cases.

A 2018 study by Porsche Consulting forecasts that the urban air mobility market will pick up speed after 2025. The study also indicates that urban air mobility solutions will transport passengers more quickly and efficiently than current conventional means of terrestrial transport, at a lower cost and with greater flexibility.

In addition to the two teams being created, Porsche and Boeing subsidiary, Aurora Flight Sciences are also developing a concept for a fully electric vertical take-off and landing vehicle. Engineers from both companies, as well as Porsche subsidiaries Porsche Engineering Services GmbH and Studio F.A. Porsche, will implement and test a prototype.

Boeing’s NeXt is an organisation that is laying the foundation for a next-generation mobility ecosystem in which autonomous and piloted vehicles can safely coexist.

Steve Nordlund, vice president and general manager of Boeing NeXt, commented: “This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem, and provides an opportunity to investigate the development of a premium urban air mobility vehicle with a leading automotive brand.

“Porsche and Boeing together bring precision engineering, style and innovation to accelerate urban air mobility worldwide.”