- Xpeng Aeroht has completed a $250 million Series B financing round to accelerate the mass production of its Land Aircraft Carrier modular flying car.
- Xpeng Aeroht announced on August 5, 2024, that it had secured $150 million in Series B1 funding and launched its Series B2 funding round.
Xpeng's (NYSE: XPEV) flying car unit, Xpeng Aeroht, announced today that it has completed a $250 million Series B financing round, providing additional ammunition for its product mass production.
Xpeng Aeroht announced the funding news on Weibo today, saying that the mass production process for its Land Aircraft Carrier modular flying car significantly accelerated.
The factory for mass-producing flying cars has been topped out and is scheduled to be completed by the fourth quarter, said He Xiaopeng, Xpeng's chairman and CEO, while sharing the funding news on Weibo today.
More good news about Xpeng Aeroht will be announced next, Mr. He said.
Xpeng Aeroht announced on August 5, 2024, that it had secured $150 million in Series B1 funding and launched its Series B2 funding round.
Today's announcement indicates that it has secured $100 million in its Series B2 funding round.
The previous round of funding for the Xpeng flying car unit was in October 2021, when it secured over $500 million in Series A funding, with a pre-money valuation exceeding $1 billion.
The latest round of financing comes as Xpeng Aeroht begins to set its sights on accelerating its IPO (initial public offering).
At the end of last month, Xpeng Aeroht appointed Du Chao, who had worked at Deutsche Bank for 10 years, as its first CFO (chief financial officer), a move seen as preparation for accelerating its IPO.
Du graduated from the University of Hong Kong and led the completion of dozens of overseas IPO financing and cross-border M&A projects during his ten years at Deutsche Bank.
Xpeng Aeroht had future IPO plans, but is currently focused on R&D and mass production, the company told domestic media Sina Tech on June 23.
On May 7, Bloomberg reported that Xpeng was considering an IPO for Xpeng Aeroht and has invited several banks to participate, with the IPO potentially taking place in Hong Kong or the US.
Xpeng Aeroht originated in 2013 and was officially established in 2020 as the technology division majority-owned by Xpeng, headquartered in Guangzhou, and Mr. He.
At its tech day event on October 24, 2023, Xpeng said that the development path for Aeroht's flying cars would include eVTOL (Electric Vertical Takeoff and Landing) flying cars and modular flying cars.
The modular flying car consists of a flying car and a mother vehicle capable of recharging the flying car.
Xpeng Aeroht planned to achieve mass production and delivery of the modular flying car by 2026, with a price tag not exceeding RMB 2 million ($279,050), according to its founder and president, Zhao Deli, at a press conference on September 3, 2024.
In October 2024, construction began on Xpeng Aeroht's flying car manufacturing facility, with an annual production capacity of 10,000 units.
($1 = RMB 7.1672)
