Xpeng Aeroht, the flying car subsidiary of Chinese electric vehicle maker Xpeng, has appointed its first-ever chief financial officer, a move that could signal renewed momentum toward a potential initial public offering (IPO).
Du Chao, a former Deutsche Bank executive with a decade of experience in overseas IPOs and cross-border mergers, has been named vice president and CFO, the company confirmed to Sina Tech. Du’s appointment is seen by analysts as a key step in professionalizing the company’s financial operations ahead of a possible public listing.
“This is a normal talent recruitment move,” the company said, noting that Xpeng Aeroht had not previously had a CFO. However, it added that “the company has future IPO plans but is currently focused on R&D and mass production.”
The move comes after Bloomberg reported in May that Xpeng Aeroht had initiated discussions with banks regarding a potential IPO, which could be held in either Hong Kong or the United States. Xpeng Aeroht, established in 2020 from a team originally formed in 2013, is majority-owned by Xpeng and its chairman He Xiaopeng.
Xpeng Aeroht is currently developing two types of flying vehicles: an eVTOL (electric vertical takeoff and landing) model and a modular flying car composed of a road-capable base and a detachable flying unit. According to company president Zhao Deli, the modular flying car is slated for mass production by 2026, with a price cap of RMB 2 million ($278,240).
In October 2024, the company began construction of what it claims is the world’s first dedicated flying car factory, with an annual production capacity of 10,000 units. The facility will use modern automotive assembly lines to manufacture the flying components.