Vertical’s crash and cash crisis highlight challenge of making flying taxis a reality after nearly a century of efforts

On a dreary November day in the Cotswolds, England, the VX4 – a cross between a plane and a helicopter – rose from an airport runway, hovered a few feet off the ground and set back down.

It might not have reached a heady altitude, but for its British owner, Vertical Aerospace, it was a crucial moment. The company, which has received millions of pounds in UK taxpayer support, is running short of cash.