CHICAGO, Dec. 16, 2019 /PRNewswire/ -- Safely returning the 737 MAX to service is our top priority. We know that the process of approving the 737 MAX's return to service, and of determining appropriate training requirements, must be extraordinarily thorough and robust, to ensure that our regulators, customers, and the flying public have confidence in the 737 MAX updates. As we have previously said, the FAA and global regulatory authorities determine the timeline for certification and return to service. We remain fully committed to supporting this process. It is our duty to ensure that every requirement is fulfilled, and every question from our regulators answered.
Throughout the grounding of the 737 MAX, Boeing has continued to build new airplanes and there are now approximately 400 airplanes in storage. We have previously stated that we would continually evaluate our production plans should the MAX grounding continue longer than we expected. As a result of this ongoing evaluation, we have decided to prioritize the delivery of stored aircraft and temporarily suspend production on the 737 program beginning next month.
We believe this decision is least disruptive to maintaining long-term production system and supply chain health. This decision is driven by a number of factors, including the extension of certification into 2020, the uncertainty about the timing and conditions of return to service and global training approvals, and the importance of ensuring that we can prioritize the delivery of stored aircraft. We will continue to assess our progress towards return to service milestones and make determinations about resuming production and deliveries accordingly.
During this time, it is our plan that affected employees will continue 737-related work, or be temporarily assigned to other teams in Puget Sound. As we have throughout the 737 MAX grounding, we will keep our customers, employees, and supply chain top of mind as we continue to assess appropriate actions. This will include efforts to sustain the gains in production system and supply chain quality and health made over the last many months.
We will provide financial information regarding the production suspension in connection with our 4Q19 earnings release in late January.
Caution Concerning Forward-Looking Statements
Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including the timing and conditions surrounding the return to service of the 737 MAX fleet, economic conditions in the United States and globally, general market and industry conditions as they may impact us or our customers, and our reliance on our commercial customers, our U.S. government customers and our suppliers, as well as the other important factors disclosed previously and from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Bruchsal, 9. December 2019 – Urban Air Mobility pioneer Volocopter announced today that the European Aviation Safety Agency (EASA) awarded the company Design Organisation Approval (DOA) following a series of thorough audits. The approval is a confirmation by EASA that Volocopter is performing its tasks as an aircraft manufacturer in a controlled and safe manner. As an approved Design Organisation, Volocopter has a competitive edge in development speed, while guaranteeing the highest safety standards. Volocopter is the first eVTOL startup on record to receive DOA with vertical take-off and landing (VTOL) as scope of work worldwide.
EASA is the European Union's aviation authority and regulator, ensuring the highest level of safety protection. By awarding a DOA, EASA entrusts a growing range of responsibilities to Volocopter as per a set of rules and processes. The key effect of having a DOA is that EASA exercises surveillance to the organization as a whole, and the involvement can be reduced to fewer steps on the way to the final commercial certification. Consequently, product development can be conducted at a faster pace by the approved organization. Receiving EASA DOA thus proves to be a strong competitive advantage for Volocopter within the global context.
"Receiving this seal of approval from EASA is testament to our rigorously professional processes, world class team, and devotion to safety here at Volocopter," says Jan-Hendrik Boelens, CTO and Head of Design Organization of Volocopter. "Design Organisation Approval is a crucial step towards receiving commercial certification and brings air taxis ever closer!" says Florian Reuter, CEO of Volocopter.
EASA awards DOA to companies they have thoroughly audited with regards to their organisation, processes, resources, and staff expertise. Key aspects the agency checks before giving their seal of approval are clearly defined throughout certain processes that also need to be lived in everyday work, safety awareness, and the organisation. The audits ultimately serve to assess and decide whether a company can bring a safe aircraft to market.
The initial DOA approval obtained today will be continuously expanded with further privileges. These privileges can eventually include elements such as issuing approvals of changes or even issuing a permit to fly for its test aircraft allowing to conduct engineering and certification flight test of Volocopter's commercial air taxi. By obtaining a DOA approval Volocopter joins the ranks of Airbus S.A.S; Dassault Aviation, Leonardo S.p.A., BAE Systems, ADAC Luftfahrttechnik GmbH or Lufthansa Technik as Design Organisation.
Patrick Ky, Executive Director of the EASA "Awarding the first DOA with a scope of work for VTOL is a milestone for the industry. We are happy about the successful cooperation and the fact that our safety standards are now part of the rising eVTOL market."
Earlier this year EASA finalized and published the Special Condition VTOL, the world's first certification baseline specifically created for air taxis, under which Volocopter is in process to get its aircraft certified.
About Volocopter GmbH
Volocopter is building the world's first sustainable and scalable urban air mobility business to bring affordable air taxi services to megacities worldwide. With the VoloCity, the company is developing the first fully electric "eVTOL" aircraft in certification to safely and quietly transport passengers within cities. Volocopter leads and cooperates with partners in infrastructure, operations, and air traffic management to build the ecosystem necessary to 'Bring Urban Air Mobility to Life'.
In 2011, Volocopter performed the first-ever manned flight of a purely electric multicopter and has since showcased numerous public flights with its full-scale aircraft. The most notable have been the public test flights at Singapore's Marina Bay in October 2019 and the world's first autonomous eVTOL flight in Dubai 2017. Volocopter is also developing products for the logistics and precision agriculture space with their VoloDrone.
Founded in 2011 by Stephan Wolf and Alexander Zosel, Volocopter has 150 employees in offices in Bruchsal, Munich, and Singapore. The company is managed by CEO Florian Reuter, CTO Jan-Hendrik Boelens, and CFO Rene Griemens, and has raised a total of 85 million euro in equity. Volocopter's investors include Daimler, Geely, Intel Capital, Micron, BtoV, and Manta Ray Ventures.
Find out more at: www.volocopter.com
