Aug 06, 2024 05:03 AM
BUSINESS
XPeng’s Flying Car Unit Secures $150 Million Fresh Funding to Start Mass Production
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XPeng Aeroht in October unveiled the concept of a detachable flying car model, the Land Aircraft Carrier
What’s new: XPeng Aeroht, the flying car subsidiary of Chinese electric carmaker XPeng Inc., has secured $150 million in a new funding round as the company pushes forward to start mass production.
XPeng Aeroht hasn’t named the investors in the latest funding round but Caixin learned that the financing was coordinated by the Guangzhou government, with at least three state-owned companies participating. XPeng Aeroht’s post-investment valuation exceeds $1 billion, sources told Caixin.
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- XPeng Aeroht raised $150 million in a funding round coordinated by the Guangzhou government, with at least three state-owned companies participating.
- The funds will be used for research, development, and mass production of flying cars, with pre-sales starting in Q4 2023 and mass production in Q4 2025.
- XPeng Aeroht's post-investment valuation exceeds $1 billion, and it plans to build a manufacturing plant in the Guangzhou Development Zone.
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Who’s Who
- XPeng Inc.
- XPeng Inc. is a Chinese electric carmaker that owns XPeng Aeroht, a subsidiary focused on developing flying cars. XPeng Aeroht recently secured $150 million in funding to advance its research, development, and production, aiming to commence mass production in late 2025. XPeng Aeroht is a leading entity in China's electric vertical takeoff and landing (eVTOL) market, supported by regulatory approvals and partnerships with state-owned enterprises.
- XPeng Aeroht
- XPeng Aeroht, a flying car subsidiary of XPeng Inc., secured $150 million in funding, led by the Guangzhou government and state-owned firms, valuing the company over $1 billion. The funds will support R&D and mass production of flying cars, with pre-sales starting in Q4 and mass production in 2025. They plan to build a manufacturing plant in Guangzhou. XPeng Aeroht leads China's eVTOL market, with regulatory support and a new detachable flying car model, the Land Aircraft Carrier.
- Guangzhou Development District Holding Group Co. Ltd
- Guangzhou Development District Holding Group Co. Ltd is involved in the recent $150 million funding round for XPeng Aeroht through its subsidiary, Guangzhou GET Investment Holdings Co. Ltd., which made the largest investment of $70 million. The group is backed by the Guangzhou government, which coordinated the financing effort.
- Guangzhou GET Investment Holdings Co. Ltd.
- Guangzhou GET Investment Holdings Co. Ltd. is a subsidiary of Guangzhou Development District Holding Group Co. Ltd. It made the largest investment in XPeng Aeroht's latest funding round, contributing $70 million. The funding will support the research, development, and mass production of XPeng Aeroht's flying cars.
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What Happened When
- Late 2021：
- XPeng Aeroht completed a fundraising of more than $500 million from investors including IDG Capital, 5Y Capital, and XPeng.
- October 2023：
- XPeng Aeroht unveiled the concept of a detachable flying car model, the Land Aircraft Carrier.
- March 2024：
- The Civil Aviation Administration of China accepted the type certificate application for XPeng Aeroht’s eVTOL body.
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