Hanwha Systems said on Friday that it has created a new urban air mobility (UAM) research center to fast-track the business.
A company spokesperson said the company is planning to accelerate the development of its air taxi model Butterfly, which it is co-developing with US firm Overair.
The new center will be headed by vice president Ryu Shi-yang, who is currently heading the UAM business development team.
Previous head of the UAM business Kim Seok-kyun, who previously worked for Rolls-Royce, will look over a different development project, Hanwha Systems said.
In March, Hanwha Systems raised 1.2 trillion won through selling its stocks. The company had said it plans to spend 450 billion won out of the total in its UAM business.
The South Korean firm is aiming to secure annual sales of 11.4 trillion won from the UAM business in 2030.
The company reiterated that it plans to form a subsidiary related to UAM at California.
Meanwhile, Hanwha System’s New Business unit, which includes UAM, recorded 4.2 billion won in operating loss.
The company as a whole posted 485.9 billion won in sales and 31.4 billion won in operating income, an increase of 50.4% and 72.5%, respectively, from a year ago.