Boeing
Boeing NeXt.

Boeing (BA - Get Report) and Porsche (POAHF)  plan to jointly explore the premium urban air mobility market "and the extension of urban traffic into airspace."

In a statement, the companies said they would create a team to look at different aspects of urban air mobility, "including analysis of the market potential for premium vehicles and possible use cases."

The two companies, including Boeing subsidiary Aurora Flight Sciences, are working on a prototype for an electric vehicle that can take off and land vertically.

"This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem, and provides an opportunity to investigate the development of a premium urban air mobility vehicle with a leading automotive brand," said Steve Nordlund, a vice president and general manager of Boeing NeXt. 

Boeing NeXt is described as leading the Chicago aerospace giant's R&D in "global airspace [integration,] to create a world in which autonomous and piloted air vehicles safely coexist."

The Thursday news release cites a 2018 study by the German auto maker's Porsche Consulting that forecasts the urban air mobility market will start to gain traction after 2025.