ALI Technologies: Hoverbike start-up declares bankruptcy

Japanese start-up ALI Technologies, known for its futuristic hoverbike, has filed for bankruptcy. The company’s US parent company plans to relocate to California and find a new business partner to revive its dreams. Despite heavy publicity, the hoverbike never sold in large numbers. The bike, inspired by Star Wars, could fly for 40 minutes at speeds of up to 100km/h on a single charge. However, laws in Japan and other places prohibiting the devices from flying over city roads hindered its success. ALI Technologies went on sale in 2021 for $680,000 but faced regulatory barriers and ran out of time and money. The company hoped to redesign the hoverbike and gain regulatory certification in California. Many tech firms are competing to bring flying vehicles to urban areas.