Airbus has begun a technology partnership with Oracle Team USA, the defending champion of the America's Cup.
The aircraft manufacturer will become an official innovation partner of the Larry Ellison-owned team, which has won the last two Cups, ahead of the 35th edition, which is expected to take place in 2017.
“This is a completely new endeavour for us,” said Fabrice Brégier, president and chief executive of Airbus.
“By taking on an extreme technology and sports project of this magnitude we stretch our competencies and further boost our agility. There are so many similarities between the America’s Cup yacht and our aircraft design, that each partner benefits from an excellent platform not only to learn and grow but also to win.”
Success does go to peoples’ heads…or is it really a good deal? High quality global journalism requires investment. Hyundai published third-quarter results showing that net profit fell 28 per cent year-on-year to Won1.6tn (US$1.5 billion), hurt by unfavourable currency movements and weak sales of its new Sonata vehicle. Hyundai, along with affiliates Kia Motors and Hyundai Mobis, dismayed investors and analysts last month by announcing plans to pay the national utility Kepco US$10 billion (gulp, $10bn!) for a plot of land in Seoul’s affluent Gangnam district, which will house the companies’ new headquarters.