LUFTCAR and NEUROBOTX collaborate to bring the roads to the skies - Here's how

LuftCar, an autonomous EVTOL manufacturer based out of Orlando, Florida, collaborates with Neurobotx and signs a paid partnership to expedite the process of bringing out its innovative, energy-efficient and multi-purpose modular autonomous air and road mobility (AARM) eVTOL to the market.

According to the company, LuftCars can be used during the daily commute and for regional travel (city to city) with both road and air travel capability while ?cargo vehicles can carry hot shot commodities, air inspection and surveys, with drivability into air inaccessible sites.

Luftcar

Apparently, they can also be used for military and healthcare applications- doctors can hop between hospitals and beat congestion while hospitals can own a fleet with a mix of LuftClinics and regular ambulances.

Representative | luftcar

Specs

eVTOL

MAX FLIGHT DISTANCE300 MilesMAX FLIGHT SPEED220 MPHMAX ALTITUDE4000 FeetLuftcar

https://www.youtube.com/watch?v=KW63FPZGEeE&t=135s

LuftCar can use the Neurobotx XR simulations for testing, development and validation of air and road transitions, evaluate human factors, communicate cargo, passenger and disaster relief use experience through digital twin, and develop exclusive defence mission training campaigns for the air force, navy and marine corp. LuftCar would also demonstrate hydrogen handling, safety and refuelling, and VTOL experiences to customers and stakeholders through the VR

LuftCar CEO Santh Sathya says

Santh Sathya | Twitter

Santh Sathya founded LuftCar - an autonomous air and road mobility eVTOL mobility company in March 2021 and had served as the Director of Strategy for L3Harris prior and was also the head of systems engineering at Boeing - Insitu drones, and led Model-Based Systems Engineering and digital twin development.

Representative | Luftcar

Commenting further on the partnership:

Neurobotx is thrilled to work with LuftCar and leverage our technology, marketing and business development abilities to bring it faster to market. On our platform, millions of users will be able to experience the patented LuftCar docking model, have their car take of and travel long distances, while generating much needed data for pilot training, regulatory approval, investor and client diligence. Our unique neuromorpjhic backend fits the energy efficiency demands for EVTOL to become fully hydrogen-based. Most importantly, we love working with colleagues from the Boeing family!CEO of Neurobotx, Dr. Diana Deca

Dr. Diana Deca | Robotics Planet

NEUROBOTX is pioneering the cognitive metaverse using neuromorphic AI. It is a team of some of the world's brightest minds in neuroscience, VR, AI and robotics building the ultimate cognitive metaverse.

Metapilot | Representative | neurobotx.ai

This is just one of the many partners we have onboarded on our Metapilot platform. Unlike industry competitors that just gather simulation data without much change from the 1980's, Metapilot is a fully immersive XR experience, with a neuromorphic backend, haptics, and based on my own doctoral research in 2xNobel laureate lab that discovered the brain's navigation system. Essentially, we are rebuilding the pilot brain inside the aircraft. And only 2 weeks after launch, we are in the top games on Steam, a platform that gets 700 new games per day. These are exciting times. And for LuftCar, we will simulate unique applications in governmental and commercial applications to show its unique features. We will also partner for discussions with investors, governmental and airline clients, as well as regulatory approval via our joint NASA partnerships.Dr. Deca adds on the LuftCar commercial partnership

By combining state-of-the-art simulation, haptics and spiking neural networks, the company is presenting us with the ultimate pilot experience while making fully autonomous flying taxis a reality.

Reportedly, Santh could highlight several advantages in the Neurobotx partnership that he could not find elsewhere. He added that he was excited to have the Neurobotx team fueling their growth with the latter having stellar backgrounds in neuroscience, computer vision and XR.

Moreover, LuftCar can use the VR simulations for testing, development and validation or air and road transitions, evaluate human factors, communicate cargo, passenger and disaster relief use experience through digital twin, develop exclusive defense mission training campaigns for air force, navy and marine corp. LuftCar would also demonstrate hydrogen handling, safety and refueling, VTOL experiences to customers and stakeholders through the VRSanth

The partnership is touted to be just the beginning of the cognitive metaverse designed to bridge the retro-futuristic dream of flying cars and the actual present.

Very recently, Luftcar had signed a memorandum of understanding with Bosch Aviation as a part of its efforts to develop vehicle prototypes. Bosch will develop BoP (balance of Plant) fuel cell components for proof-of-concept, with the aim to support LuftCar commercialization.

Luftcar

SOURCE(s)

COVER: Twitter

Shares of Hindustan Aeronautics Limited (HAL) surged over 5% on Thursday, August 11 ahead of the company reporting its fiscal year earnings report for the April-June quarter on Friday, August 12.

?1 lakh invested in HAL at the beginning of 2022 is now worth ?1.75 lakh. 

HAL is one of the world’s largest and oldest defence manufacturing companies, and its investors have gotten very rich this year. HAL’s rise could also benefit two other defence manufacturers, say analysts. The company’s large order book and interest in the Tejas LCA by six countries have driven the rally in its stock.

Defence indigenization has been one of the goals of the current Indian government, to reduce dependence on foreign countries. But a crucial aspect that gets relatively less airtime is defence exports – and it has made investors of Hindustan Aeronautics richer by 75% in 2022 alone. 

HAL is in talks with Egypt, Malaysia and Nigeria for defence exports that could amount to over $5.5 billion, with tenders for setting up manufacturing facilities for the Tejas Mk1A light combat aircraft, helicopters and maintenance of Malaysia’s Sukhoi fighter jets, among others. 

The company has achieved excellent performance in terms of turnover. 

The Indian government’s focus on increasing defence indigenization has also helped HAL in securing economies of scale, making its export offers more competitive. This, coupled with the high technical ratings of Tejas, has made it a key contender for bagging contracts from Egypt and Malaysia. 

According to the company’s latest financials, HAL’s current order book stands at ?82,000 crore – this is 3.3-times the company’s FY22 revenue. Further, it has a strong pipeline of ?1.24 lakh crore of manufacturing orders over the next three to four years, which will help the company deliver double-digit revenue growth, according to a report by ICICI Direct Research. 

Once rejected by the Indian Navy as “too heavy”, Tejas has been one of the success stories of India’s defence indigenization efforts. And now, according to the government, six countries are interested in HAL’s light combat aircraft. 

Shares of HAL were trading at 2,273 rupees, 5.03% higher than the previous close on BSE.

The Indian government said that the US, Australia and Indonesia have also expressed interest in the Tejas. HAL has already offered the twin-seater variant of the Tejas LCA to Malaysia in a deal worth $1.5 billion, in addition to maintenance of the Russian-origin Sukhoi 30 fighter jets.  

The company's last financial year earnings report notified that the current order book stands at Rs 82,000 crore. The defence company also expects to clock 6-7% revenue growth for FY23.

A Singapore court has dismissed Bharat Forge's case against Bombardier, two years after the Indian auto component giant dragged the Canadian plane maker to court over alleged faulty parts in an aircraft. Bharat Forge's claims were "hopeless, both factually and logically," said Judge Andre Maniam.

Bharat Forge's jet, a long-range Bombardier Global Express XRS, was given for a major maintenance shop visit to Bombardier Aviation Services (BASS) and was sent over to the facility of BASS, located at Seletar Airport in 2020. 

Judge Maniam additionally directed Bharat Forge to pay $10,000 to Bombardier. 

Indian auto component maker Bharat Forge has taken Canadian aircraft and train maker Bombardier’s Singapore unit to court over what it alleged as serious technical glitches in a retrofitted component in its business jet. 

The Singapore court docket judgment nevertheless stated Bharat Forge bought any such guarantee from Bombardier.

“Indeed, Bharat Forge expected the aircraft to be perfect (or “virtually to perfection”), but it did not pay for it. Instead, it contracted for BASS to perform a specified scope of work, on agreed terms and conditions. In so doing, Bharat Forge worked hard to negotiate and bring down the inspection cost,” stated Maniam within the judgement.

Bharat Forge's claims were "hopeless, both factually and logically," said Judge Andre Maniam. 

“At trial, Bharat Forge’s case fell apart – there was hardly anything keeping it together, to begin with. Undeterred, Bharat Forge persisted with its claims through closing submissions and reply closing submissions, in which it essentially ignored what had happened at trial, falling back on assertions in AEICs that had been recanted, or that were without merit,” stated the judgement.

AirAsia India and Vistara’s losses widened in the financial year ended March 31, 2022 (FY22) on a year-on-year (YoY) basis due to the impact of the Covid-19 pandemic and an increase in operating costs, according to Tata Sons' FY22 annual report.

While aviation turbine fuel prices jumped around 67% and the rupee weakened by 0.4% against the dollar in FY22 over FY21, passenger demand too was impacted by two waves of the pandemic. This had a toll on the airline’s financial results.

AirAsia India’s loss grew 42% on a YoY basis to INR 2,178 crore, while its revenue rose nearly 39% to INR 1,887 crore. The airline had a negative reserve and a surplus of INR 4,849 crore.

AirAsia India’s loss grew 42% on a YoY basis to INR 2,178 crore, while its revenue rose nearly 39% to INR 1,887 crore.

Vistara’s loss rose by 35% on a YoY basis to INR 2,031 crore while its revenue jumped 2.3 times to INR 5,226 crore in FY22. It reported a negative reserve and a surplus of INR 8,120 crore at the end of March 2022.

AirAsia India has been shrinking its operations and operates only 27 aircraft. It returned seven Airbus A320 planes to AirAsia Berhad in Malaysia in FY21.

ALSO READ - Vistara leases B787 Dreamliner to increase international flights operations

Vistara’s loss rose by 35% on a YoY basis to INR 2,031 crore while its revenue jumped 2.3 times to INR 5,226 crore in FY22.

On the other hand, Vistara has been gradually building up its fleet and network. Vistara launched operations in Europe deploying its wide-body Boeing 787 aircraft and also operated charter flights resulting in revenue growth. It currently has 53 aircraft and its fleet will go up to 70 by end of the calendar year 2023.

ALSO READ - Vistara may merge with Air India, a decision expected by end of 2023

“The first half of FY22 was significantly impacted by the second wave of Covid-19, whereas the second half enabled demand recovery, although high fuel prices continued to be a challenge. We also spent a large part of 2021 densifying our domestic network, expanding our international footprint and investing in expanding our fleet."Vistara

Fleet and network expansion has been a big part of Vistara’s strategy, with the carrier aiming to have 70 aircraft by March next year. Rumours about its merger with Air India have been circling for a while now, but so far, both airlines seem to be heading on their trajectory.

ALSO READ - Air India gets CCI’s approval to acquire the entire stake in AirAsia India

AirAsia India is waiting to come under 100% ownership of the Tatas as a case against some of the carrier’s top executives are acting as a roadblock to its international expansion plans.

ALSO READ - Tata Sons working on a merger between AirAsia India and Air India Express

Like Vistara, AirAsia India, too, has been facing questions about a possible union with the budget carrier Air India Express, but the owners will have a lot to consider before bringing it together with a profitable enterprise like Air India Express.

Jet Airways on August 11 reported a standalone net loss of INR 390.1 crore for the three months ended June (Q1FY23) which was more than twice the amount it had reported in the year-ago period. The full-service carrier had reported a loss of INR 129 crore in the April-June quarter of 2021.

The defunct carrier's revenue from operations declined 83% to INR 12.53 crore for the quarter under review, the airline said in a regulatory filing to the BSE.

The airline's total income stood at INR 13.10 crore in the June quarter compared to INR 75.01 crore in the year-ago period. Net Sales at INR 12.53 crore in June 2022 down 83.03% from INR 73.83 crore in June 2021. EBITDA stands negative at INR 347.15 crore in June 2022 down 326.79% from INR 81.34 crore.

Jet Airways reports a net loss of INR 390.1 crore in Q1 FY23

Jet Airways shares closed at 103.85 on August 11, 2022 (NSE) and have given 21.68% returns over the last 6 months and 35.31% over the last 12 months.

ALSO READ - Jet Airways nearing a deal to buy 50 A220 jets from Airbus

The airline -- which received an air operator certificate from aviation regulator DGCA on May 20 -- is yet to place an order for aircraft with either European planemaker Airbus or American aerospace company Boeing. Currently, the airline has just one operational aircraft -- which is a B737NG -- in its fleet.

ALSO READ - Jet Airways to lease 6-8 aircraft by December; in talks with aircraft manufacturers and lessors

The airline's total income stood at INR 13.10 crore in the June quarter compared to INR 75.01 crore in the year-ago period.

Financial distress forced Jet Airways, which flew for more than two decades, to suspend operations on April 17, 2019, and a consortium of lenders, led by the State Bank of India (SBI), filed an insolvency petition in June 2019 to recover outstanding dues worth over INR 8,000 crore.

ALSO READ - Jet Airways returning with a hybrid premium and no-frills model, first flight likely by October 2022

Jet Airways India Ltd., which is undergoing a court-monitored restructuring, plans to return with a hybrid of premium and no-frills services that would allow the former top local airline to claw back market share while managing costs in the fiercely competitive Indian aviation market.

The Jalan-Kalrock Consortium is currently the promoter of Jet Airways.

Jet Airways, in its previous stint, was owned by Naresh Goyal. The Jalan-Kalrock Consortium is currently the promoter of Jet Airways.

The consortium infused INR 500 million into Jet Airways 2.0 — as it is dubbed by the new owners — in January, and lenders have said they don’t object to an extension of 60 days.

In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. In June 2021, the resolution plan was approved by the National Company Law Tribunal.

Revenue of Air India rose 64% in fiscal 2022, but its net loss swelled by a third, showing the latest regulatory filings by the airline that Tata Sons bought from the government earlier this year.

The airline posted net revenue of INR 19,815.9 crore during the year to March 31, 2022, on a standalone basis, with a net loss of INR 9,556.5 crore. In FY21, it reported a net loss of INR 7,017.4 crore on revenue of INR 12,104 crore.

But changes are underway. Air India improved its load factor to 73.5% and saw an 80% improvement in the number of passengers carried to over 1 crore.

Air India’s revenue rose 64% in FY22; net loss swelled by a third

The company, which was taken over by the Tata Group in January, said it introduced various measures in fiscal 2022 to minimise the financial impact arising in these difficult times, and partially mitigate the impact of the pandemic.

These steps include salary/allowance cuts across the board, suspension of all post-retirement contractual engagements, the introduction of the concept of a shorter working week and encouraging employees to use its leave without pay scheme.

“The group also engaged its aircraft lessors in negotiations to secure cuts in lease payments, exercised strict control over vendor payments to ensure best possible use of funds,” it stated in filings with the Registrar of Companies sourced by AltInfo.

Air India improved its load factor to 73.5% and saw an 80% improvement in the number of passengers carried to over 1 crore.

There is a gradual improvement in operations, especially on international routes, with a warning of the impact of Covid worldwide and removal of movement restrictions across the country, Air India said.

However, the company said, salary and allowance cuts were being slowly withdrawn and the group hoped for a reinstatement of pre-Covid operations level in the coming future.

Air India’s new chief executive, Campbell Wilson, who took charge on June 16 with a mandate to transform the airline, is creating a new, operational structure, fixing systems and processes to ensure on-ground efficiencies besides keeping close tabs on daily losses.

There is a gradual improvement in operations, especially on international routes, with a warning of the impact of Covid worldwide and the removal of movement restrictions across the country

ALSO READ - Modernization of Air India to start soon by Tata Technologies

Wilson has been tasked with creating a customer-centric and service-oriented culture. The Tata Group has already invested INR 15,000 crore in building talent, training, deployment of IT systems and creating a modern fleet aside from improving ground handling through data analytics.

ALSO READ - Air India to get enhanced passenger service system from Amadeus

A voluntary retirement scheme has also been offered to employees and key new hires are in progress to re-energise the airline.

ALSO READ - Key to TATA’s strategy to infuse fresh energy into Air India

A voluntary retirement scheme has also been offered to employees and key new hires are in progress to re-energise the airline.

India’s domestic air passenger traffic grew nearly 67% during the January-June period of this year, according to air traffic data released by the Directorate General of Civil Aviation.

“The aggregate market share of Tata Group-backed airlines (Air India, Vistara and AirAsia India) stands at 20.6% as of May 22,” said a JM Financial report.

“The recent acquisition of Air Asia by Air India is likely to provide greater synergies and improve competitiveness going forward. Competitive intensity in the airlines' sector is expected to intensify with the addition of Akasa Air and Jet Airways,” it added.

(With Inputs from The Economic Times)