Business & Investment

Chinese EV maker Xpeng’s flying car company raises more than $ 500 million

Less than half a year after announcing a flying car prototype, Chinese electric vehicle startup Xpeng unveiled its second model at the April 2021 Shanghai Motor Show.

Evelyn Cheng | CNBC

Guangzhou, China — Flying car company HT Aero backed by a Chinese electric car maker Xpeng Inc.. And its founder has raised more than $ 500 million from outside investors.

The funds will be used for research and development to develop new models with the ability to operate in the air and on the road.

In a press release, HT Aero founder and president Zhao Deli said the company’s next-generation model is “a fully integrated flying vehicle and vehicle designed for both low-altitude travel and road driving. “.

According to Zhao, the company plans to officially launch a new car in 2024. But he didn’t give a timeline as to when the new vehicle would go on sale.

HT Aero is an affiliate of Xpeng, one of China’s electric vehicle start-ups. He Xiaopeng, the founder of Xpeng, and the electric vehicle company itself are investors in HTAero.

The new funding round was led by well-known venture capital firms IDG Capital and 5Y Capital, as well as Xpeng. Other investors include Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfen Capital.

For flying cars (also known as electric vertical takeoff and landing aircraft) Attracted a lot of interest from automakers and start-ups..Hyundai in South Korea, German startup Lilium, companies based in China, etc. Ehang We are developing a flying passenger car.

Read more about CNBC Pro electric cars

In July, HT Aero launched the X2. This is the prototype of the second flying car and can carry passengers first.

Founder of Xpeng He told CNBC about flying vehicles in an interview last month Will be part of the future of the company..

Still, such vehicles face many hurdles to get off the ground, including regulatory approvals for driving.

Chinese EV maker Xpeng’s flying car company raises more than $ 500 million

https://www.cnbc.com/2021/10/19/chinese-ev-maker-xpengs-flying-car-company-raises-over-500-million.html Chinese EV maker Xpeng’s flying car company raises more than $ 500 million

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