- Xpeng has invited banks to pitch for a role in an IPO that could take place in Hong Kong or the US, according to Bloomberg.
- Xpeng Aeroht's last financing was a $150 million series B1 round in August 2024.
Xpeng (NYSE: XPEV) is considering an initial public offering (IPO) for its flying car unit Xpeng Aeroht, Bloomberg said in a report today, citing people familiar with the matter.
The electric vehicle (EV) maker has invited banks to pitch for a role in an IPO that could take place in Hong Kong or the US, the people said.
Discussions are still ongoing, and Xpeng may choose another location for the IPO or not do it at all, the person added.
Asked about this, Xpeng Aeroht said it has no specific releasable information at the moment, according to several local media reports.
Xpeng Aeroht originated in 2013 and was formally established in 2020 as a tech unit majority-owned by Guangzhou-based Xpeng and its chairman and CEO He Xiaopeng.
Xpeng's development path for Aeroht's flying cars would include eVTOL (Electric Vertical Takeoff and Landing) flying cars and modular flying cars, it said at its October 24, 2023, Tech Day event.
Its current modular flying car consists of a flying body, as well as a parent vehicle that can recharge it.
Xpeng Aeroht would mass-produce and deliver the modular flying car in 2026, with a price tag of no more than RMB 2 million ($276,800), the unit's founder and president, Zhao Deli, said on September 3, 2024.
Last October, Xpeng Aeroht began construction of its Guangzhou flying car manufacturing base with a planned annual capacity of 10,000 units.
The company's last funding round was in August 2024, when it said it secured $150 million in series B1 funding and launched a series B2 round.
Other players in the space include US-listed Ehang, which announced in March that it had received a license to operate commercially for tolling purposes.
($1 = RMB 7.2256)
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