Xpeng Aeroht has secured $150 million in Series B1 funding and launched a Series B2 round. Its last round was in October 2021, when it was valued at over $1 billion pre-investment.
Xpeng Aeroht, the flying car subsidiary of Xpeng (NYSE: XPEV), has secured a new funding round, after closing its last round about 3 years ago.
Xpeng Aeroht secured $150 million in Series B1 funding and launched a Series B2 round, the company announced today.
The latest financing will be used for the development, mass production and commercialization of Xpeng Aeroht's flying cars, the company said.
Xpeng Aeroht is about to build the world's first factory that can mass-produce flying cars using assembly lines in the Guangzhou development zone, which will first be used to produce the flying body portion of its modular flying car, according to the company.
Xpeng Aeroht plans to begin pre-sales of the modular flying car in the fourth quarter of this year, it said, repeating a previously mentioned target.
The latest funding comes nearly three years after Xpeng Aeroht's last round of funding, which the company announced on October 19, 2021, when it closed more than $500 million in Series A funding.
Xpeng Aeroht mentioned its pre-investment valuation of over $1 billion when announcing its last funding round, with investors including IDG Capital, 5Y Capital, and Xpeng. It did not mention an updated valuation or investor information today.
Xpeng Aeroht 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, the company unveiled the X1, which is the size of a regular car and can take off and land vertically in a parking space.
Aeroht's flying car development path would include electric vertical takeoff and landing (eVTOL) flying cars and modular flying cars, Xpeng said at the October 24, 2023, tech day event.
The modular vehicle will consist of a flying car and a parent vehicle that will power the car.
The mother vehicle will have an extended-range powertrain, 6*6 all-wheel drive, and support rear-wheel steering.
On July 4, Xpeng Aeroht signed an investment and cooperation agreement with the Guangzhou development zone authorities to build a research, development, manufacturing and sales center for flying cars in the area.
Xpeng Aeroht is accelerating the commercialization process and has so far signed deals with nearly 60 flight camps, it said today.
Xpeng Aeroht to build plant in Guangzhou for mass production of flying cars
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