What’s new: XPeng Aeroht, the flying car subsidiary of Chinese electric carmaker XPeng Inc., has secured $150 million in a new funding round as the company pushes forward to start mass production.
XPeng Aeroht hasn’t named the investors in the latest funding round but Caixin learned that the financing was coordinated by the Guangzhou government, with at least three state-owned companies participating. XPeng Aeroht’s post-investment valuation exceeds $1 billion, sources told Caixin.
Guangzhou GET Investment Holdings Co. Ltd., a subsidiary of Guangzhou Development District Holding Group Co. Ltd, made the largest investment of $70 million, Caixin learned. Two other Guangzhou government-backed firms invested $50 million and $30 million, respectively.
Zhao Deli, founder of XPeng Aeroht, said the proceeds will be used for the research and development and mass production of the company’s flying cars, ensuring the smooth realization of commercialization.
XPeng Aeroht plans to start pre-sales in the fourth quarter and expects to begin mass production in the fourth quarter of 2025, according to Zhao.
The company is to build a flying car manufacturing plant in the Guangzhou Development Zone. This will initially be used to produce the flight module of the modular flying cars, the company said.
Background: XPeng Aeroht’s latest funding round is the largest in the industry so far this year. Its previous fundraising was completed in late 2021, securing more than $500 million from investors including IDG Capital, 5Y Capital, and XPeng.
XPeng Aeroht is one of the leading players in China’s burgeoning electric vertical takeoff and landing (eVTOL) market as regulators step up support to the emerging business.
In October the company unveiled the concept of a detachable flying car model, the Land Aircraft Carrier, which adopts a split-body design featuring an extended-range hybrid vehicle that serves as the ground carrier and charging base of a two-seat helicopter-type aircraft. The fully electric aircraft can be detached to fly in low-altitude airspace.
The Civil Aviation Administration of China in March accepted the type certificate application for XPeng Aeroht’s eVTOL body. A type certificate is granted after the aircraft’s design is approved, clearing the way for the vehicle to obtain an airworthiness certificate for commercial use.
Contact reporter Han Wei (weihan@caixi.com)
