Textron eAviation, headquartered in Wichita, Kansas, is a division of Textron Inc., focusing on sustainable aviation. It leverages Textron’s century-long expertise in aerospace and defense, drawing on the capabilities of its renowned brands such as Pipistrel, Cessna, Beechcraft, and Bell. The division, under the leadership of Kriya Shortt, is known for its development of the Nexus eVTOL aircraft, a hybrid-electric model intended for various applications including air taxi services and emergency medical transport.
Formation and Leadership
Textron formalized its foray into electric aircraft with the creation of eAviation, initially led by Rob Scholl, who was instrumental in uniting the company’s aerospace and defense resources to focus on emerging technologies. Scholl was later succeeded by Kriya Shortt.
Development of Nexus eVTOL
The Nexus, a four-passenger eVTOL, represents Textron eAviation’s main focus. Initially conceptualized by Bell, its development stalled until 2021, when it was transferred to eAviation. The aircraft, expected to enter service around 2030, is designed to be economically viable and technologically feasible, with a range of approximately 100 nautical miles and a top speed of 120 knots.
Acquisition of Pipistrel
An important milestone in eAviation’s journey was the acquisition of Pipistrel, a leader in electric aircraft, which had already certified an electric airplane in Europe. This acquisition expanded Textron’s capabilities in sustainable flight solutions.
Financial Performance
In the fourth quarter of 2022, eAviation reported revenues of $6 million, alongside a segment loss of $10 million, reflecting operating results of Pipistrel and research and development expenses.
Market Position
Textron Inc. as a whole is viewed positively by analysts, with a current “buy” rating and a market capitalization of $13.64 billion. The firm’s stock is considered undervalued, presenting a potential upside for investors.
FAQ
Where is Textron eAviation headquartered?
Textron eAviation is headquartered in Wichita, Kansas.
What is the Nexus eVTOL?
The Nexus is a hybrid-electric eVTOL aircraft designed for various uses including air taxi and emergency medical transport.
How many passengers can the Nexus carry?
The Nexus is designed to carry four passengers and one pilot.
What is the projected range and top speed of the Nexus?
The Nexus is expected to have a range of about 100 nautical miles and a top speed of around 120 knots.
When is the Nexus expected to enter service?
The Nexus eVTOL is projected to enter service around 2030.
Which company did Textron eAviation acquire, and why?
Textron acquired Pipistrel, a leader in electric aircraft, to enhance its capabilities in sustainable flight solutions.