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


Xpeng, a Chinese start-up for electric cars, unveiled a second prototype at the Shanghai Auto Show in April 2021. It was less than half a decade since Xpeng first revealed a prototype flying car.

Evelyn Cheng | CNBC

GUANGZHOU, China — HT Aero, the flying car company backed by Chinese electric carmaker Xpeng IncThis is. And its founder raised over $500 million from outside investors.

It will be used to fund research and development as well as the production of a brand new vehicle that can operate on both roads and in the air.

Zhao Deli, the founder of HT Aero and its president, stated that the company’s next model would be a “fully-integrated flying vehicle and automobile” designed for road and low-altitude travel.

Zhao stated that the company plans to officially roll out the vehicle by 2024. Zhao did not provide a time frame for the launch of the vehicle.

HT Aero is an affiliated company of Xpeng. Xpeng was one of China’s most prominent electric vehicle startup-ups. HT Aero is owned by He Xiaopeng, the founder of Xpeng and also an investor in the electric vehicle company.

High-profile venture capitalists IDG Capital and 5Y Capital led this new funding round, as well as Xpeng. Sequoia China is also an investor, as well as Eastern Bell Capital and GGV Capital. GL Ventures, Yunfeng Capital and GL Ventures.

Flying cars — also called electric vertical take-off and landing vehicles — have garnered a lot of interest from automakers and start-ups. Companies such as Hyundai South Korea, Lilium Germany, and China-based Ehang are developing flying passenger vehicles.

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HT Aero’s second prototype flying car, the X2, was launched in July. It is also the first vehicle that can carry a passenger.

CNBC interviewed Xpeng’s founder last month. He stated that flying vehicles are his passion. will be a part of the company’s future

Yet, the vehicles must overcome many obstacles to make it to market.