China-headquartered electric vehicle (EV) producer XPeng agreed yesterday to co-lead a series A round for its air taxi developer affiliate, HT Aero, set to be sized at over $500m.
The round is being co-led by venture capital firms IDG Capital and 5Y Capital and also features Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.
Also known as Huitian, HT Aero is working on an electric-powered vertical take-off and landing vehicle designed for use by individuals and intended to be capable of both flight and ground mobility.
The company claims to have built five generations of its smart vehicles and completed 15,000 manned flights since it was formed in 2013.
The series A proceeds will have been earmarked for research and development and the expansion of HT Aero’s headcount as it seeks regulatory clearance ahead of a planned commercial roll out in 2024.
XPeng’s chairman and chief executive, He Xiaopeng, said: “Our mission has always been to explore efficient, safer and carbon-neutral mobility solutions that go beyond smart EVs.
What we are seeing is the integration of the three driving forces of smart mobility – disruptive technology, new sources of energy, and mass production.
“We will embrace this opportunity, which is unprecedented in the history of modern transportation. The investment in HT Aero will further accelerate the build-up of our ecosystem to integrate driving and flying.”
Image courtesy of HT Aero.
