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China claims breakthrough with world’s first ducted eVTOL that can lift nearly half a ton
(interestingengineering.com)
This is a most excellent place for technology news and articles.
It stands for Vertical Take Off and Landing
The implied part of VTOL is that it's only vertical for takeoff and landing, and otherwise primarily a horizontally propelled craft.
What do you mean a hot air balloon isnt vtol???