In pictures: The spectacular aircraft that flies like a plane and takes off like a helicopter Transcend Air Corporation, a US-based startup plans to start intercity air taxi services by 2024

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The Transcend Air Corporation has announced the development of a six-seater VTOL (vertical take-off and landing) aircraft designed for inter-city transportation. That means it does not need runways and airports and can use helipads atop major city centres.

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By virtue of its tilt-wing design, the aircraft named Vy-400 is a capable of cruising at 650 kmph. It has two overhead rotors instead of one like in helicopters. Moreover, thanks to its lightweight, the aircraft can employ whole-aircraft parachute.

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The company promises to cover the distance between New York City and Boston in mere 36 minutes costing $283 and the flight from Los Angeles to San Francisco in under an hour which will cost $315.

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It is already working on its 15th prototype. The airline will be functional from January 2024 and fly between more than 46 city centre pairs in the US.

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However, Transcend is not the only company developing VTOL aircraft. Uber along with NASA, a Berlin-based startup Lilium which is supported by European Space Agency, Volocopter—all are developing VTOL aircraft for commercial purposes. They expect to be operation in a few years.