Additional funding will support production of the Land Aircraft Carrier which is expected in 2026.
XPeng AeroHT, the flying car division of Chinese electric vehicle maker XPeng, has completed a $250 million Series B financing round to accelerate the mass production of its Land Aircraft Carrier modular flying car.
The company announced the funding milestone on Weibo, confirming that its Guangzhou manufacturing facility is on track for completion in Q4 2024.
The financing follows a $150 million Series B1 round in August 2024, with the latest $100 million closing the Series B2 tranche.
The investment signals growing confidence in XPeng AeroHT’s path toward commercialisation, with plans for an initial public offering (IPO) gaining momentum.
The latest capital injection brings XPeng AeroHT’s total disclosed funding to at least $900 million, following a $500 million Series A round in October 2021 that valued the company at over $1 billion pre-money.
The funds will primarily support the development and production of the Land Aircraft Carrier, a two-part system consisting of an electric vertical takeoff and landing (eVTOL) vehicle and a ground-based module for transport and recharging.
The company aims to begin mass production by 2026, with a target price below RMB 2 million ($279,050).
Construction of XPeng AeroHT’s dedicated flying car factory in Guangzhou began in October 2024, with an annual production capacity of 10,000 units.
XPeng Chairman and CEO He Xiaopeng confirmed that the facility’s structural work is complete, with full operational readiness expected by year-end.
The company has not disclosed additional details on supply chain partnerships or pre-orders but emphasised that the funding will help streamline production and testing.
The financing round coincides with XPeng AeroHT’s preparations for a potential IPO.
In late July 2024, the company appointed Du Chao, a former Deutsche Bank executive with a decade of experience in IPO financing and cross-border mergers and acquisitions, as its first chief financial officer (CFO).
While XPeng AeroHT has stated that its immediate focus remains on R&D and production, industry analysts speculate that the move signals an upcoming listing in either Hong Kong or the U.S.
XPeng AeroHT, founded in 2013 and formally established in 2020, is positioning itself as a leader in the advanced air mobility (AAM) sector.
At its October 2023 Tech Day, the company outlined a dual-path strategy: developing eVTOL aircraft for urban air mobility and modular flying cars for combined ground-air use.
The Land Aircraft Carrier, unveiled in late 2023, is designed for both driving and short-distance flight, targeting high-net-worth individuals and specialised logistics applications.
The flying car industry remains in its early stages, with regulatory and infrastructure challenges still to be resolved, however, XPeng AeroHT’s progress reflects broader momentum in eVTOL development, with competitors like EHang, Joby Aviation, and Lilium also advancing toward commercialisation.
He Xiaopeng hinted at additional announcements in the coming months, suggesting further milestones in testing, partnerships, or certification efforts.
