Slovakia-based AeroMobil has unveiled the second model of its flying car, the four seat AM Next.

Leveraging the engineering of its two seat AM4.0 personal vehicle, due for delivery in 2024, the AM Next is targeting fleet ride-hailing services over the 100-500 mile range from 2027.

The company claims that a leading global management consulting firm has measured the total addressable market for the taxi service as $70 billion annually in North America alone, based on an extensive survey of traveller switching rates covering time, price and convenience on 660,000 routes within the AM Next's range.

AeroMobil technology uses the existing infrastructure of over 10,000 landing strips in the US, fits existing automotive and aviation regulation, and has significantly greater range than eVTOL aircraft. AeroMobil says it has very few competitors, so there should be strong profit margins thanks to leading market share and differentiated branding.

AeroMobil's business model is capital and overhead efficient. The company engineers and designs the hardware and software, and will manage the customer experience through a proprietary flight booking app. Manufacturing and fleet operations are outsourced.

CEO Patrick Hessel says: "We are excited to announce the second revolutionary model of AeroMobil's true flying car. Following AM4.0, the world's first production flying car, the AM Next will disrupt and democratise the regional travel market. It will provide a better and, in many cases, a previously unavailable solution to trips in the 100-500 mile range. AeroMobil will leverage AM4.0's proof of concept of engineering and regulation, and its premium branding, into the AM Next's mass-market aerial ride-hailing service."

The company has been touring the prototype two seater AM4.0 in the US.