(Yicai Global) Oct. 20 -- Flying car firm HT Aero, owned by Xpeng Motors and the Chinese automaker’s chairman, He Xiaopeng, has raised over USD500 million in what it said was the biggest-ever funding round by a low-flying aircraft company in Asia.

The Series A round was led by IDG Capital, 5Y Capital, and Xpeng Motors, Guangzhou-based HT Aero announced yesterday. Other participants included Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures, and Yunfeng Capital.

HT Aero plans to “hike investment in research and development of flying cars, high-end talents recruitment, and airworthiness certificates to achieve the next-generation flying car which can both run on land and fly in the sky,” said President Zhao Deli. “The firm is expected to release the flying car in 2024.”

Founded in 2013, HT Aero mainly focuses on research, development and testing at its Haioudao flight base in Panyu, Guangzhou. Unlike most flying car companies, which have business-to-business retail models, HT Aero sells directly to end-users.

Editor: Futura Costaglione