At the Washington Auto Show in April, SureFly founder Steve Burns held forth before a crowd of automotive journalists, pitching his company’s octocopter as more akin to a car than a helicopter. Most of them seemed impressed—though unsure how a two-seat hybrid-electric air vehicle that looks like a typical small UAV might become a flying car for everyman.    Their uncertainty mirrors that of the capital markets, which have so far given SureFly and its parent company, ...

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