Investors Flock to Chinese eVTOLs Chasing Regulatory Green Lights
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
The GOVY AirCab on display at the eighth China International Import Expo in Shanghai on Nov. 6, 2025. Photo: IC Photo
A trio of Chinese startups developing electric vertical takeoff and landing (eVTOL) aircraft secured fresh funding in November, underscoring growing investor appetite for companies making measurable headway in regulatory certification.
Govy Technology Co. Ltd., backed by state-owned automaker Guangzhou Automobile Group Co. Ltd., said it closed a 200 million yuan ($28 million) pre-A funding round on Nov. 14. That same day, rival firm Shanghai Volant Aerotech Co. Ltd. announced it had raised several hundred million yuan in a Series B+ round. A week earlier, TCab Tech disclosed it secured 300 million yuan in a new funding round.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- Three Chinese eVTOL startups—Govy, Volant Aerotech, and TCab Tech—secured major funding rounds in November 2024.
- Investments followed significant technical milestones, such as piloted test flights and regulatory certification progress.
- China’s government has identified the low-altitude aviation economy as a strategic emerging industry in its 15th Five-Year Plan.
AI generated, for reference only
Who’s Who
- Guangzhou Automobile Group Co. Ltd.
- Guangzhou Automobile Group Co. Ltd. is a state-owned automaker that backs Govy Technology Co. Ltd., an electric vertical takeoff and landing (eVTOL) aircraft startup. Govy has raised approximately 500 million yuan since its establishment in December 2024, with a significant amount of this funding coming from a local state-owned enterprise that now holds a 33% stake.
- Shanghai Volant Aerotech Co. Ltd.
- Shanghai Volant Aerotech Co. Ltd. (Volant) recently secured "several hundred million yuan" in a Series B+ funding round. This investment followed their first piloted test flight in October, a significant milestone demonstrating aircraft safety and performance. Jinding Capital led the funding round.
- TCab Tech
- TCab Tech is a Chinese eVTOL aircraft startup that recently secured 300 million yuan in a new funding round, co-led by Meridian Capital, Peakvest, and Puhua Capital. This was TCab Tech's second funding round this year, following a successful maiden flight on October 17th. The company's founder and CEO, Huang Yongwei, piloted the flight, demonstrating confidence in the aircraft's safety and readiness.
- Govy Technology Co. Ltd.
- Govy Technology Co. Ltd. (御风未来), backed by Guangzhou Automobile Group Co. Ltd., secured 200 million yuan in a pre-A funding round on November 14. This brings its total funding since December 2024 to approximately 500 million yuan. Its CEO, Su Qingpeng, anticipates certification for its multirotor GOVY AirCab by late 2026, with certification work for its GOVY AirJet beginning that same year.
AI generated, for reference only
What Happened When
- December 2024：
- Govy Technology Co. Ltd. was founded.
- March 2025：
- Certification application for the GOVY AirCab was accepted by the Civil Aviation Administration of China.
- October 17, 2025：
- TCab Tech conducted a successful maiden flight piloted by founder and CEO Huang Yongwei.
- October 2025：
- Volant Aerotech completed its first piloted test flight.
- Late October 2025：
- China released its 15th Five-Year Plan, which designated the low-altitude economy as a strategic emerging industry.
- November 7, 2025：
- TCab Tech disclosed it secured 300 million yuan in a new funding round (a week prior to Nov. 14, 2025).
- November 14, 2025：
- Govy Technology Co. Ltd. closed a 200 million yuan pre-A funding round.
- November 14, 2025：
- Shanghai Volant Aerotech Co. Ltd. announced it had raised several hundred million yuan in a Series B+ round.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新