Xpeng Aeroht, the flying car subsidiary of Chinese electric vehicle maker Xpeng, said on Monday it has completed a $250 million Series B funding round, advancing its plans for mass production and setting the stage for a potential initial public offering.
The company shared the announcement via social media platform Weibo, confirming that the financing includes $100 million from its recently concluded Series B2 round, following the $150 million Series B1 round announced in August 2024. This marks the first major fundraising since its $500 million Series A round in October 2021, which gave the company a pre-money valuation of over $1 billion.
Xpeng chairman and CEO He Xiaopeng noted that construction of the company’s flying car manufacturing facility has reached the structural topping-out stage and is expected to be completed in the fourth quarter of 2025. Xpeng Aeroht plans to mass-produce its modular flying car, the Land Aircraft Carrier, by 2026.
The modular vehicle includes a road-capable “mother vehicle” that can charge a detachable flying component. At a press event in September 2024, Aeroht president Zhao Deli said the vehicle would be priced under RMB 2 million (approximately $279,000).
The latest funding round coincides with preparations for a public listing. In late June, the company appointed Du Chao, a former Deutsche Bank executive, as its first chief financial officer. Du brings experience in overseas IPOs and cross-border M&A transactions, suggesting growing momentum toward an eventual listing.
Xpeng Aeroht, headquartered in Guangzhou, was established in 2020 after its founding in 2013 as a technology unit. The company has pursued a dual development path for its flying vehicles, focusing on both electric vertical takeoff and landing (eVTOL) aircraft and modular flying cars.
Construction began in October 2024 on its dedicated factory, which is expected to have an annual capacity of 10,000 flying vehicles. The company remains focused on R&D and manufacturing in the near term, though it confirmed to local media in June that IPO planning is underway, with listings in Hong Kong or the United States under consideration.
