Xpeng Aeroht secures additional $100m in Series B funding

Xpeng’s flying car subsidiary Aeroht has secured fresh financing to accelerate its modular flying car production plans. The latest funding amounts to $100 million, bringing the total Series B funding to $250 million. The company is ramping up its mass production strategy while preparing for a potential IPO.

Xpeng Aeroht announced the funding on Weibo, stating that the production process for its Land Aircraft Carrier modular flying car has significantly accelerated. The factory for mass-producing the vehicles has already been topped out and is scheduled for completion in the fourth quarter of this year, according to Chairman and CEO He Xiaopeng.

In August 2024, Xpeng Aeroht revealed it had raised $150 million in Series B1 funding and launched a Series B2 round. The latest announcement confirms an additional $100 million secured under B2. The previous funding round was in October 2021, when Aeroht raised over $500 million in Series A with a pre-money valuation exceeding $1 billion.

Aeroht operates as a technology division majority-owned by Xpeng, focusing on electric flying car development, including eVTOL and modular concepts. The modular flying car, the so-called ‘Land Aircraft Carrier,’ was first introduced in October 2023. It is a range-extended three-axle van carrying an eVTOL on board. The concept van can also recharge the two-seater in between flights. Up to five people may stay inside the “ground module,” and XPeng likens the transporter to a “lunar exploration vehicle.”

Mass production and deliveries of Aeroht’s modular flying car are targeted for 2026. The price is expected to be less than 2 million yuan, the equivalent of less than 250,000 euros. The first pre-order contracts have already been signed.

According to local media, the new funding comes amid preparations for an IPO. Last month, Aeroht appointed Du Chao as its first chief financial officer. Earlier reports by Bloomberg stated that Xpeng is considering a listing for Aeroht in either Hong Kong or the US, with several banks invited to participate.

While IPO discussions continue, Aeroht has emphasised that its current focus remains on research, development, and mass production readiness. The company aims to establish itself as a commercial pioneer in urban air mobility by integrating its flying car systems with Xpeng’s broader electric mobility ecosystem.

cnevpost.com