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

Lower than half a 12 months since revealing a flying automobile prototype, Chinese language electrical automotive start-up Xpeng unveiled a second mannequin on the Shanghai auto present in April 2021.

Evelyn Cheng | CNBC

GUANGZHOU, China — HT Aero, the flying automotive firm backed by Chinese language electrical carmaker Xpeng Inc. and its founder, raised greater than $500 million from exterior buyers.

The cash can be put towards analysis and improvement and rolling out a brand new mannequin that has the flexibility to function within the air and on roads.

Zhao Deli, founder and president of HT Aero, mentioned in a press launch that the corporate’s next-generation mannequin can be a “totally built-in flying automobile and car, designed for each low-altitude air journey and street driving.”

The corporate is planning for an official roll-out of the brand new automobile in 2024, Zhao mentioned. Nonetheless, he didn’t give a timeline for when the brand new automobile can be launched.

HT Aero is an affiliate firm of Xpeng, considered one of China’s electrical automobile start-ups. Xpeng’s founder He Xiaopeng in addition to the electrical automotive firm itself are buyers in HT Aero.

The brand new funding spherical was led by high-profile enterprise capital corporations IDG Capital and 5Y capital in addition to Xpeng. Different buyers embody Sequoia China, Jap Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying automobiles — additionally known as electrical vertical take-off and touchdown automobiles — have garnered a lot of interest from automakers and start-ups. Corporations together with South Korea’s Hyundai, German start-up Lilium, and China-based Ehang are creating flying passenger automobiles.

Learn extra about electrical automobiles from CNBC Professional

In July, HT Aero launched the X2, its second flying automotive prototype and first that is capable of carry a passenger.

Xpeng’s founder He advised CNBC in an interview final month that flying automobiles will be a part of the company’s future.

Nonetheless, such automobiles face various hurdles to get off the bottom together with regulatory approval to function.

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

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