Rolls-Royce PLC (LON:RR.) has unveiled plans for a flying taxi that could become available by the 2020s.
The engine maker said it has designed a propulsion system for an electric vertical take-off and landing (EVTOL) vehicle, which could carry up to five people and travel at speeds of up to 250 miles per hour for about 500 miles.
Rob Watson, head of the company's electrical team, said: "We are well placed to play a leading role in the emerging world of personal air mobility and will also look to work in collaboration with a range of partners."
Rolls-Royce is one of a handful of firms working to develop flying vehicles including Airbus, Uber and Kitty Hawk, a start-up backed by Google co-founder Larry Page.
The plans were announced ahead of the Farnborough International Airshow, which begins on Monday and ends on Sunday.
Boeing secures US$4.7bn order for 777 Freighters
On the first day of the show, Boeing PLC (LON:BOE) (NYSE:BA) won a US$4.7bn order with logistics group DHL for 14 777 Freighters.
The deal is expected to be one of many to be reached at the airshow.
BAE says outlook for Typhoon fighter jet orders 'good'
Meanwhile, BAE Systems PLC (LON:BAE) boss Charles Woodburn said the outlook for export orders of the Typhoon fighter jet is "as good as it’s been for quite some time".
He told BBC Radio on Monday that demand for the fighter jet is coming from the Middle East and Europe.
At the show, Britain’s defence minister Gavin Williamson revealed a model of the country’s proposed new fighter jet being developed by and built by partners BAE, Rolls-Royce and Leonard.
The aircraft, the Tempest, will eventually replace the Typhoon fighter jet. Williamson said the UK would be investing £2bn in the new project with an aim to see it flying by 2035.
Theresa May tries to soothe industry's concerns about Brexit
Prime Minister Theresa May spoke at the Farnborough event, addressing concerns about the impact of Brexit on the aviation sector by promising she will secure millions of jobs and strengthen Britain’s position as a leading aerospace nation.
She pledged more than £300mln of government spending for projects, including research on more environmentally-friendly aircraft.
"By working closely together, government and industry have ensured we remain at the forefront of civil aviation and that our air power is second to none," she said.
"Today I want us to build on that, and ensure not only that we retain our prominence, but that in an increasingly competitive industry we make the most of the opportunities that lie ahead."