Michigan-based flying car startup losing steam.

Airspace Experience Technologies (ASX), a startup behind the Sigma-6, a $5 million electric vertical take-off and landing (eVTOL) aircraft, is running out of funds. Founder Jon Rimanelli said he has been searching for sites outside of Michigan to potentially move his startup, and even considered selling it, due to a lack of interest from investors or economic development officials to continue backing the project. Rimanelli fears being forgotten as the city and state work to lure Toyota-backed Joby Aviation and a potential $500 million manufacturing plant to the airport. However, the overall lack of traction for eVTOL vehicles in recent years may be what underlies Rimanelli’s frustration. Five years ago, the entrepreneur predicted that his first iteration of a flying car would be shuttling passengers to and from Detroit Metropolitan Airport by 2023, which is still a long way from reality.