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Investing.com -- Rolls-Royce Holdings Plc (LON:RR)’s chief executive officer defended his decision to exit the flying taxi business, citing increased costs and regulatory delays as key factors.
"What I’ve seen is that the market is getting pushed to the right all the time," Tufan Erginbilgic said Wednesday at an event in London.
The CEO explained that the original cost projection for each electric taxi was £1 million ($1.35 million), but this figure later rose to £3 million.
"It cannot be a mass market when it is that expensive," Erginbilgic stated at the panel hosted by the Wall Street Journal.
The remarks from the Rolls-Royce (OTC:RYCEY) chief provide insight into the company’s strategic shift away from the electric aircraft taxi segment, which has faced mounting challenges in terms of both economics and regulatory timelines.
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