Xpeng Aeroht, the flying car subsidiary of Xpeng, has announced the successful closure of a $150 million Series B1 funding round. This marks its first major financing effort since securing over $500 million in Series A funding nearly three years ago. The company has also launched a Series B2 round.
The new funding will be directed towards the development, mass production, and commercialization of Xpeng Aeroht’s flying cars. The company plans to build the worldâs first factory capable of mass-producing flying cars using assembly lines in the Guangzhou development zone. Initially, this facility will focus on producing the flying body portion of its modular flying car.
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Xpeng Aeroht aims to begin pre-sales of the modular flying car in the fourth quarter of this year, maintaining its previously stated target.
In the announcement, Xpeng Aeroht did not provide an updated valuation or details on the investors involved in the latest round. The company was founded in 2013 as a tech unit majority-owned by Guangzhou-based Xpeng and its chairman and CEO He Xiaopeng.
At the Shanghai auto show in April 2021, Xpeng Aeroht unveiled the X1, a flying car capable of vertical takeoff and landing within a parking space. The companyâs development strategy includes electric vertical takeoff and landing (eVTOL) flying cars and modular flying cars, with the latter consisting of a flying body and a parent vehicle that will provide power.
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The parent vehicle will feature an extended-range powertrain, 6×6 all-wheel drive, and support for rear-wheel steering.
On July 4, Xpeng Aeroht signed an investment and cooperation agreement with the Guangzhou development zone authorities to establish a research, development, manufacturing, and sales center for flying cars in the area. The company is accelerating its commercialization efforts and has already signed agreements with nearly 60 flight camps.
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“We are excited about the progress we are making towards the commercialization of flying cars,” the company said in a statement. “This latest funding round is a significant step forward in our mission to revolutionize transportation.”
