(Yicai) Aug. 5 -- Xpeng Aeroht, the flying car subsidiary of Chinese new energy vehicle startup Xpeng Motors, has secured USD150 million in a Series B1 financing round.

The proceeds ensure the development, mass production, and commercialization of its flying cars, including the Land Aircraft Carrier, which consists of ground and air modules that can autonomously separate and combine, the company said today.

Pre-orders for the Land Aircraft Carrier will likely begin next quarter, the Guangzhou-based company noted, while also announcing the launch of its Series B2 fundraiser.

Xpeng Aeroht is preparing to build the world's first modern assembly line for large-scale production of flying cars in the Guangzhou Development District, it said. The line will first be used to produce the air modules for the Land Aircraft Carrier, the firm added.

In October 2021, Xpeng Aeroht bagged USD500 million in a Series A round led by IDG Capital, 5Y Capital, and its parent company. It was the single largest financing deal for an Asian company in the low-altitude passenger aircraft sector.

Dongguan Huitian Technology, the predecessor of Xpeng Aeroht, secured investment from Xpeng and its Chairman He Xiaopeng in 2020, becoming a unit of the Guangzhou-based carmaker. In March, the unit announced that it had applied to China’s civil aviation regulator for a type certificate for the Land Aircraft Carrier, marking the product's entry into the airworthiness certification stage.

"Xpeng Aeroht's five previous generations of flying cars have completed nearly 20,000 flight tests, providing valuable data and experience for the modular flying car Land Aircraft Carrier," it noted. “It is also expanding its nationwide flight application network, with nearly 60 flying car camps signed so far, including general aviation airports, scenic spots, cultural and tourism towns, and urban suburbs.”

Since the start of this year, China has been vigorously developing the low-altitude economy sector, which includes drones and electric manned aerial vehicles, with many cities coming out with policies support. Guangzhou aims to boost the local low-altitude economy to reach a CNY150 billion (USD21 billion) scale by 2027, it announced in May. 

Editor: Martin Kadiev