Wanfeng Group, Parent of Diamond Aircraft, Signs €10M Acquisition

China-based Wanfeng Auto Holding Group, parent company of Diamond Aircraft, recently chalked up €10 million to buy out bankrupt German manufacturer Volocopter. The company filed for insolvency late last year due to—you guessed it—a lack of investors.

Volocopter was founded in 2011 as part of the surge for sustainability and urban air mobility. Later that year, it took the stage with the VC1 prototype: a sixteen-propeller, single-seat eVTOL with an open cockpit. The design evolved into the VC200 and Volocopter’s poster child, the fourth-generation VoloCity air taxi. The all-electric aircraft has two seats, eighteen rotors, and nine rechargeable batteries. It has proven itself as a capable platform through over 2,000 test flights across multiple prototypes.

The German manufacturer hoped to bring VoloCity to the market by 2025. However, the European Union Aviation Safety Agency (EASA) didn’t certify the eVTOL’s engine in time for test flights, delaying its campaign. The company fell into insolvency months later in late 2024, citing the inability to secure investments. This announcement came after VoloCity had completed three-quarters of the required EASA criteria.

On March 10, Chinese firm Wanfeng revealed in a stock exchange post that it had acquired Volocopter’s assets, valued at 42 million euros, for a bargain price of 10 million euros ($10.9 million).

“The future of aviation is shaped by visionaries,” stated Bin Chen, chairman of Diamond Aircraft Group. “Diamond's broad portfolio is further strengthened by Volocopter, the VoloCity [eVTOL], and future models. Together, we are creating the foundation to further develop sustainable air mobility and strengthen Europe as an innovation hub in aviation.”

The deal hopes to give Volocopter the stability it needs to continue the certification process and retain its workforce.

FMI: www.volocopter.com