STUTTGART, Germany - Porsche and Boeing have teamed up to explore the premium urban air mobility market and the extension of urban traffic into airspace.

The companies say they will leverage their unique market strengths and insights to study the future of premium personal urban air mobility vehicles.

"Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel," Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG said Friday. "We are combining the strengths of two leading global companies to address a potential key market segment of the future."

As part of the partnership, the companies will create an international team to address the various aspects of urban air mobility, including analysis of the market potential for premium vehicles and possible use cases.

Boeing, Porsche and Boeing subsidiary Aurora Flight Sciences are also developing a concept for a fully electric vertical takeoff and landing vehicle. Engineers from both companies, as well as Porsche subsidiaries Porsche Engineering Services GmbH and Studio F.A. Porsche, say they will implement and test a prototype.

"This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem, and provides an opportunity to investigate the development of a premium urban air mobility vehicle with a leading automotive brand," said Steve Nordlund, Vice President and General Manager of Boeing NeXt, an organization that is laying the foundation for a next-generation mobility ecosystem in which autonomous and piloted vehicles can safely coexist.

A 2018 study by Porsche Consulting forecasts that the urban air mobility market will pick up speed after 2025. The study also indicates urban air mobility solutions will transport passengers more quickly and efficiently than current conventional means of terrestrial transport, at a lower cost and with greater flexibility.