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

Much less than 50 percent a yr because revealing a flying vehicle prototype, Chinese electrical vehicle get started-up Xpeng unveiled a 2nd product at the Shanghai auto demonstrate in April 2021.

Evelyn Cheng | CNBC

GUANGZHOU, China — HT Aero, the flying auto enterprise backed by Chinese electrical carmaker Xpeng Inc. and its founder, elevated much more than $500 million from exterior buyers.

The cash will be put toward exploration and development and rolling out a new design that has the potential to run in the air and on roadways.

Zhao Deli, founder and president of HT Aero, said in a push release that the firm’s upcoming-technology model will be a “fully built-in traveling car or truck and automobile, built for the two low-altitude air travel and road driving.”

The organization is preparing for an official roll-out of the new car in 2024, Zhao said. Nonetheless, he did not give a timeline for when the new automobile will be launched.

HT Aero is an affiliate enterprise of Xpeng, just one of China’s electric powered motor vehicle get started-ups. Xpeng’s founder He Xiaopeng as properly as the electrical car or truck corporation alone are traders in HT Aero.

The new funding round was led by substantial-profile undertaking money corporations IDG Funds and 5Y cash as properly as Xpeng. Other traders involve Sequoia China, Jap Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying cars and trucks — also known as electrical vertical consider-off and landing vehicles — have garnered a whole lot of curiosity from automakers and commence-ups. Corporations together with South Korea’s Hyundai, German commence-up Lilium, and China-based Ehang are developing flying passenger cars.

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In July, HT Aero introduced the X2, its 2nd flying automobile prototype and to start with that is ready to have a passenger.

Xpeng’s founder He explained to CNBC in an job interview previous month that flying autos will be a part of the firm’s long run.

Nonetheless, these types of cars experience a number of hurdles to get off the ground including regulatory approval to function.