From Crowded Airports to Clearer Skies: A Fresh Approach to US Air Travel
Vancouver, BC
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October 17, 2023 10:00 AM Eastern Daylight Time
Now that air travel is back to pre-pandemic levels, passengers are experiencing a slew of problems - from flight delays and cancellations to lost baggage and jam-packed airplanes.
A freshly inked report from the US Public Interest Research Group titled "Plane Truth," points to several factors contributing to these problems. Airlines have come under scrutiny for their practice of over-scheduling flights, which can lead to overcrowded cabins and disrupted schedules.
According to the report, there were approximately 400,000 fewer flights in the first half of the year compared to 2019, resulting in fuller flights this year. As summer travel picked up from May to June, airline performance deteriorated.
In fact, complaints have swelled to such an extent that the US Department of Transportation (DOT) has hit the brakes on their usual transparency, keeping recent complaint data under wraps since February.
One of the key findings of the report is that airlines often lack accountability when it comes to addressing passenger concerns, from flight cancellations and delays to slow refund processes and inadequate communication with passengers. Furthermore, the USDOT has been criticized for not promptly releasing updated data on customer complaints related to airlines.
Fortunately, leading US regional air mobility platform Surf Air Mobility Inc. (NYSE:SRFM) is tackling the issue of overcrowded airports head on, by completely avoiding them altogether.
Surf Air Mobility, the largest regional commuter airline in the US by scheduled departures, is expanding regional air travel by connecting underutilized regional airports across the US to create a superior flying experience by using small turboprop aircraft flying between more convenient airports.
Interestingly, about 90% of the US population resides or works within 30 minutes of a regional airport. Yet, a mere 30 airports in the nation account for approximately 70% of its air traffic.
Revolutionizing Regional Air Travel Through Electrification
Apart from creating an expanded network of regional flights across the US and beyond, Surf Air Mobility is leading the charge in revolutionizing regional air travel by harnessing the potential of electrification to significantly reduce the cost and environmental impact of flying.
To bring this vision to life, Surf Air is collaborating with commercial partners to develop electrified powertrain technology for retrofitting existing fleets with electric propulsion and introducing electric aircraft on a large scale to the market. The company's leadership team boasts extensive expertise in aviation, electrification, and consumer technology.
With its debut on the public market, Surf Air Mobility announced an exclusive partnership with Textron Aviation Inc., a subsidiary of Textron Inc (NYSE: TXT), which includes an order of 100 Cessna Grand Caravan EX aircrafts. Deliveries of the first 20 Cessna aircrafts are set to commence in the first half of 2024. Once the electrification technology is certified, these aircraft will be amongst the first to undergo conversion to incorporate Surf Air Mobility's proprietary electric or hybrid-electric powertrain technology.
Surf Air Mobility aims to make electrified aircraft accessible to new and existing operators with the goal of providing customers with the benefits of cost-effective, low-emission air travel on a large scale. Additionally, the company will serve as the exclusive provider of its proprietary battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan to Textron Aviation.
Surf Air Mobility plans to deploy both electric and hybrid-electric Cessna Grand Caravan aircrafts across its network, facilitating direct short-haul flights to connect even more airports. By doing so, the company aims to create a new kind of regional mass transport solution that more sustainably connects communities throughout North America with greener, lower cost air travel.
The anticipated advantages of the new electrified architecture include a substantial reduction in direct operating costs, with targets ranging from 25% to 50%, and a significant decrease in direct carbon emissions, with targets ranging from 50% to 100%, all while maintaining performance levels similar to the current models. Importantly, these aircraft have the potential to be used at over 5,000 public-use airports across the United States, with no need for charging stations in the case of hybrid-electric powertrain versions.
Surf Air Mobility is also partnering with big data giant Palantir Technologies (NYSE: PLTR) to co-develop definitive AI software and operator tools for the growing regional air mobility (RAM) industry.
For further insights into Surf Air Mobility Inc. (NYSE:SRFM) and its comprehensive approach driving the growth of the regional mobility market, click on this link or visit their website.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Surf Air Mobility Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Surf Air Mobility Inc.’s industry; (b) market opportunity; (c) Surf Air Mobility Inc.’s business plans and strategies; (d) services that Surf Air Mobility Inc. intends to offer; (e) Surf Air Mobility Inc.’s milestone projections and targets; (f) Surf Air Mobility Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Surf Air Mobility Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Surf Air Mobility Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Surf Air Mobility Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Surf Air Mobility Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Surf Air Mobility Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Surf Air Mobility Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Surf Air Mobility Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Surf Air Mobility Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Surf Air Mobility Inc.’s business operations (e) Surf Air Mobility Inc. may be unable to implement its growth strategy; and (f) increased competition.<>Except as required by law, Surf Air Mobility Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Surf Air Mobility Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Surf Air Mobility Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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