Xpeng Aeroht raises US$150 million for production of flying cars

XPENG Aeroht, a unit of Chinese electric carmaker Xpeng, raised US$150 million to fund the development and production of a proposed flying car in Guangzhou.

On Monday (Aug 5), the company said it has also started the next round of funding as it prepares to build manufacturing facilities in the Chinese city.

Xpeng Aeroht’s so-called Land Aircraft Carrier consists of a ground vehicle that houses a small electric aircraft.

According to Xpeng, the chunky, six-wheeled off-roader can carry four or five passengers. It releases a separate two-seat airborne module, which takes off and lands vertically such as a helicopter. The ground vehicle also recharges the aircraft.

Pre-sales of the Land Aircraft Carrier are due to start in the final quarter of 2024 in China, the company said.

Xpeng Aeroht was founded in 2013 and is part owned by Xpeng and its chairman and chief executive officer He Xiaopeng. BLOOMBERG