Probably.
> Doesn't Coca Cola own that?
Within a particular domain. Trademarks do not cover all possible commercial uses of a mark.
http://law.freeadvice.com/intellectual_property/trademark_la...
No, or they would have used the R symbol instead of the TM.
> Doesn't Coca Cola own that?
Yes, and under modern trademark law, Coca-Cola will be contacting/threatening them shortly, so you can expect a project name change.
> No, or they would have used the R symbol instead of the TM.
The circle-R is for a registered trademark. Something can be claimed as (and protected as) a trademark -- and thus, trademarked -- without also being a registered trademark.
This drone does look like a 2-liter [Sprite] bottle though :)
I assume/hope the Spirte team have budgeted a few $ for the legal expenses in replying to such a letter, but agree with the poster below that the cost might well be covered by the value of free publicity over a trademark dispute. I hope that's not a deliberate strategy, as it's the sort of thing that could turn into an abusive practice.
https://www.govtrack.us/congress/bills/109/hr683/summary has a good CRS-authored summary of that legislation's content.