A.L.I Technologies, the startup and creator of the $777,000 flying bike XTURISMO, has filed for bankruptcy.
The Tokyo-based company had hoped to redesign urban transport and mobility with Star Wars-inspired hoverbikes, filed for bankruptcy on January 3, 2024.
In 2022, the company launched its first hoverbike model, the XTURISMO, designed to fly a few meters above ground.
The XTURISMO flies for 40 minutes at speeds of up to 62 mph (100 km/h) using its petrol-electric Kawasaki hybrid engine.
Although the prototype provided much excitement when it launched, orders were not as rapid. On top of its price tag of $777,000, the XTURISMO required drivers to have a pilot’s license (except in Japan).
A partner at law firm Shoosmiths familiar with administrative laws was quoted by the BBC to have cited regulatory barriers as a factor for the hoverbike to have limited use.
“Following an evaluation of the viability of other areas of the company’s business… we discontinued our non-core operations formerly carried out by our wholly owned indirect subsidiary, ALI,” the company said in its regulatory filing (Form 8-K).