Xpeng's new multi-million dollar plan to make flying cars a reality for everyone
Flying cars could one day become a reality for everyone if Xpeng has anything to do with it.
Xpeng AeroHT, a flying car venture of Chinese EV startup Xpeng, is apparently in talks with potential investors to kick off its Series B round of funding this year.
There's been no shortage of chatter in the global media about Xpeng's development of its flying cars.
There's even been breathtaking footage of flying cars soaring above cities.
Rumour has it, the Xpeng's Land Aircraft Carrier, a Cybertruck-like vehicle with the ability to vertically takeoff and land, will be available to order later this year.
Speaking to Yicai Global, Zhao Deli, founder and president of Xpeng AeroHT, said each unit will cost at least CNY1 million (USD138,100), with mass delivery starting in late 2025.
In Oct 2021, Xpeng AeroHT garnered over USD500 million, the largest Series A financing in the global flying car industry.
ODG Capital, 5Y Capital, and Xpeng led the group of investors while renowned venture capital funds such as Sequoia Capital, Hillhouse Capital Group, Eastern Bell Capital, and YF Capital, also chipped in.
In Nov 2022, Xpeng AeroHT obtained CNY6 billion ($828.6 million) in credit from branches of four large banks, including the Agricultural Bank of China, to fund its research and development, as well as manufacturing efforts.
Last month, one of Xpeng's eVOTLs was given a type certificate in China.
Next, the goal is to obtain an airworthiness certificate to operate the aircraft.
The company will also apply to certify its flying car and will hope to have it wrapped up sooner rather than later.
The reason being? Traditional carmakers GAC Group and Geely Automobile Holdings are also investing in the emerging low-altitude economy of flying cars and drones.
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