AeroHT, flying car affiliate of Chinese EV maker Xpeng, raises US$150 million in financing

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Start-up says capital will help ‘realise mass production’ and ‘speed up the commercialisation process’ of its US$200,000 flying vehicle

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A staff member prepares an X2 flying car for a demonstration flight at the headquarters of Xpeng AeroHT in Guangzhou in south China’s Guangdong Province, on May 15, 2024. Photo: Xinhua

Daniel Renin Shanghai

Published: 6:30am, 6 Aug 2024Updated: 2:49pm, 25 Sep 2024

AeroHT, an affiliate of Chinese electric vehicle (EV) maker Xpeng, has raised US$150 million in its latest round of financing, which is expected to accelerate commercialisation of its US$200,000 flying car.

The start-up, controlled by Xpeng co-founder and CEO He Xiaopeng, said on Monday that proceeds from the Series B1 funding round would help build an advanced production line for the flying car in Guangzhou, the company’s home city.

The company did not reveal the names of the investors.

“The fresh capital will strengthen AeroHT’s research and development, realise mass production of our products and speed up the commercialisation process,” the company said.

The announcement came just a month after AeroHT disclosed the US$200,000 price for the vehicle. It plans to begin taking pre-orders in the fourth quarter.

Wang Tan, co-founder and chief designer of AeroHT, told the Post’s China Conference on July 4 that the company is aiming for sales of 5,000 units in the coming two years.

In 2021, AeroHT closed a financing round after netting US$500 million from investors including IDG Capital, 5Y Capital, Sequoia Capital and GGV Capital in what was the largest investment deal involving low-altitude air travel in Asia.