Xpeng-backed flying car startup raises $500 million

Xpeng-backed flying car startup raises $500 million
Xpeng-backed flying car startup raises $500 million   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">BEIJING</span> – HT Aero, a flying car startup backed by Chinese electric vehicle maker Xpeng Inc, said on Tuesday it has raised over $500 million in its latest funding round.</p> <p>The startup, founded in 2013 and previously called Xpeng Heitech, raised the new money from <span class="caps">IDG</span> Capital, 5Y Capital, Xpeng and others in this funding round, it said in a statement.</p> <p>HT Aero said it would use the funding to develop technologies and expand its workforce. It aims to deliver a flying car model, which will be able to drive on road, to customers in 2024.</p> <p>HT Aero did not disclose its valuation after the funding round.</p> <p>Companies from start-ups to global carmakers are racing to develop commercial flying “robo-taxis”, hoping to cash in on a market Morgan Stanley says could be worth $1.5 trillion by 2040.</p> <p>Other automakers that are developing flying cars in China include Geely’s Terrafugia, which is building a factory in central city of Wuhan. Volkswagen AG is also studying the industry in China.</p> <p>Regulators in China, however, have yet to detail rules on flying vehicles. </p> <p/> </div>