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The partnership arrives as a Boeing subsidiary has been conducting test flights of a fully electric flying vehicle and will focus on developing a product for the premium market.

The two companies will work on a "premium urban" air vehicle, according to a partnership announced on Thursday. Already, the companies have begun developing concept designs for a fully electric vehicle that can take off and land vertically.

The goal is to create an actual prototype. Boeing and Porsche also plan on assembling a team to investigate the market potential for flying cars and how travelers would actually use them.
"This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem," said Steve Nordlund, general manager of Boeing NeXt, a division of the aerospace maker that's focused on paving the way for self-driving and piloted flying vehicles.
A separate Boeing subsidiary, Aurora Flight Sciences, has also been developing an actual flying car prototype, which can hover like a helicopter. In January, the electric-powered vehicle completed its first test flight. The 30-foot long craft has been designed to fly autonomously with up to a range of 50 miles.

Porsche expects the "urban air mobility market" to take off after 2025, giving consumers a way to bypass rush hour traffic (assuming they can afford to pay for it). But the companies aren't alone in trying to design a flying car. Over the years, others such as Uber, Intel, and Google co-founder Larry Page have also showed off prototype designs on the promise of making air taxis a reality one day.