Boeing (NYSE: BA) and Porsche announced that they have signed a Memorandum of Understanding with the intent to explore new innovative ideas around urban air mobility. In other words, the companies are to brainstorm about the possibility of flying cars. Boeing and Porsche will try to innovate around the difficulties that an airspace traffic system will impose.  

"Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel," says Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG. "We are combining the strengths of two leading global companies to address a potential key market segment of the future."

In part, the Memorandum of Understanding was created to form an international team to address the various aspects of urban air mobility, including analysis of the market potential for premium vehicles and possible use cases. As of right now, the concept is still in early stages of development. Boeing, Porsche and Boeing subsidiary Aurora Flight Sciences are also developing a concept for a fully electric vertical takeoff and landing vehicle.

"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, Vice President and General Manager of Boeing NeXt, an organization that is laying the foundation for a next-generation mobility ecosystem in which autonomous and piloted vehicles can safely coexist. "Porsche and Boeing together bring precision engineering, style and innovation to accelerate urban air mobility worldwide."