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Xpeng's flying car unit secures $150m in Series B1 funding
Updated: Aug 8, 2024
By Li Jiaying
chinadaily.com.cn
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Xpeng Aeroht, Chinese smart electric vehicle company Xpeng's flying car unit, announced on Monday that it has secured a Series B1 funding of $150 million and also initiated its Series B2 round, after closing the last Series A round of over $500 million 3 years ago.
The fund will be used to ensure its smooth development as well as the mass production and commercialization of its flying cars, said Zhao Deli, founder and president of XPeng Aeroht.
The aircraft company also said it will initiate the construction of the world's first modern assembly line for mass production of flying cars in Guangzhou's development district.
The new production base will first be used to produce the flying module of Xpeng Aeroht's Land Aircraft Carrier model, which is scheduled to start pre-sales in the fourth quarter.
As the first manned electric vertical takeoff and landing (eVTOL) aircraft developed for users in China, the flying module features a distributed electric propulsion system and can be operated in manual or automatic driving modes.
Eyeing wider application scenarios for flying cars, the company has also signed contracts with about 60 flying campsites nationwide so far, including general aviation airports, scenic spots, cultural tourism zones, suburban areas and more, it said.
Xpeng Aeroht's growth and financial support from the capital market mirrors the country's long-term confidence in the development of its low-altitude economy.
In March, the Ministry of Industry and Information Technology and three other ministerial-level departments launched an ambitious plan, saying that the country will support the development of smart air mobility equipment, such as eVTOL, to meet the evolving need of consumers.
China is also expected to witness a trillion-yuan-level market in general aviation equipment, the plan said.
"With the gradual improvement of policies, regulations and basic supporting facilities, flying cars will bring new experiences to human travel," Xpeng Aeroht said in a statement.
