[Exclusive] Flying Car Unit of China's Xpeng Plans Series B Round in 2024
Huang Lin
DATE:  Apr 22 2024
/ SOURCE:  Yicai
[Exclusive] Flying Car Unit of China's Xpeng Plans Series B Round in 2024 [Exclusive] Flying Car Unit of China's Xpeng Plans Series B Round in 2024

(Yicai) April 22 -- Xpeng AeroHT, a flying car venture of Chinese electric vehicle startup Xpeng, is in talks with potential investors to kick off its Series B round of funding this year, a company insider said to Yicai exclusively.

The Land Aircraft Carrier, a Cybertruck-like vehicle with an electric vertical takeoff and landing aircraft, will start taking orders during the China International Aviation and Aerospace Exhibition, held in Zhuhai in November, Zhao Deli, founder and president of Xpeng AeroHT, said in an interview with Yicai. Each unit will cost at least CNY1 million (USD138,100), and mass delivery will start in late 2025, Zhao added.

Xpeng and Chairman He Xiaopeng both invested in the developer of electric aircraft in 2020 so it became an affiliate of the US-listed producer of P7 and G9 EVs. In October 2021, Xpeng AeroHT garnered over USD500 million, the largest Series A financing in the global flying car industry. IDG Capital, 5Y Capital, and Xpeng led the group of investors while renowned venture capital funds such as Sequoia Capital, Hillhouse Capital Group, Eastern Bell Capital, and YF Capital, also chipped in.

Moreover, in November 2022, Xpeng AeroHT obtained CNY6 billion (USD828.6 million) in credit from branches of four large banks, including the Agricultural Bank of China, to fund its research and development, as well as manufacturing efforts.

The eVTOL of the two-part product was given a type certificate in China last month and next, the goal is to obtain an airworthiness certificate to operate the aircraft, the Guangzhou-based firm announced last month. The company has not yet applied to certify the second part, the road vehicle.

Even traditional carmakers GAC Group and Geely Automobile Holdings are investing in the emerging low-altitude economy of flying cars and drones while related mainland-listed stocks are trending higher recently.

Editors: Tang Shihua, Emmi Laine

Follow Yicai Global on
Keywords:   Xpeng Motors,Xpeng AeroHT,Equity Financing,Flying Vehicle Developer,eVTOL,New Product,Venture Capital