Chinese EV maker Xpeng’s flying cars and truck business raises over $500 million

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Less than half a year considering that exposing a flying car model, Chinese electrical cars and truck start-up Xpeng revealed a 2nd design at the Shanghai vehicle program in April 2021.

Evelyn Cheng|CNBC

GUANGZHOU, China– HT Aero, the flying cars and truck business backed by Chinese electrical carmaker XpengInc and its creator, raised more than $500 million from outdoors financiers.

The cash will be put towards research study and advancement and presenting a brand-new design that has the capability to run in the air and on roadways.

Zhao Deli, creator and president of HT Aero, stated in a news release that the business’s next-generation design will be a “fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving.”

The business is preparing for a main roll-out of the brand-new car in 2024, Zhao stated. However, he did not offer a timeline for when the brand-new car will be released.

HT Aero is an affiliate business of Xpeng, among China’s electrical car start-ups. Xpeng’s creator He Xiaopeng in addition to the electrical cars and truck business itself are financiers in HT Aero.

The brand-new financing round was led by prominent equity capital companies IDG Capital and 5Y capital in addition toXpeng Other financiers consist of Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying vehicles– likewise called electrical vertical liftoff and landing lorries– have actually amassed a great deal of interest from car manufacturers and start-ups. Companies consisting of South Korea’s Hyundai, German start-up Lilium, and China- based Ehang are establishing flying traveler lorries.

Read more about electrical lorries from CNBC Pro

In July, HT Aero released the X2, its 2nd flying cars and truck model and initially that has the ability to bring a guest.

Xpeng’s creator He informed CNBC in an interview last month that flying lorries will belong of the business’s future.

Still, such lorries deal with a variety of obstacles to get off the ground consisting of regulative approval to run.

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