A subsidiary of XPeng Motors, XPENG AEROHT, received a multi-billion yuan credit facility from four local banks to support future production, research, and development, as per CnEVPost.
Guangzhou-based XPENG AEROHT signed a strategy cooperation partnership with the Agricultural Bank of China, China Construction Bank, China CITIC Bank and Pudong Development Bank on November 8, according to the press release by the company.
“The strategic partnership is constructive and encouraging, boosting our confidence in flying cars”, said XPENG AEROHT chairman, He Xiaopeng.
The four banks provided the company with RMB 6 billion ($828 million) total credit line to support the company’s flying car development and manufacturing.
“The partnership will help inspire and strengthen the company’s confidence in the flying car business and support the company’s increased capital investment in research and development,” said Xiaopeng.
“This will also help XPeng Aeroht gradually start building its supply chain, and manufacturing base,”
At the Shanghai auto show in April 2021, the company premiered the X1, its fourth-generation electric manned flying vehicle. Its size is the same as an ordinary car; it can take off and land vertically in a parking space.
On July 16 2021, Xiaopeng unveiled the fifth-generation flying vehicle X2 via Weibo, stating, “This marks another step closer to a more widely available and safe flying car.”
Furthermore, on October 19, 2021, XPENG AEROHT announced the closing of Series A round of funding of about $500 million, in a pre-investment valuation of over $1 billion.
XPeng’s 1024 Tech Day
October 24, XPeng announced at its 1024 Tech Day event the sixth generation of XPENG AEROHT’s flying car, a vehicle that can drive on land and fly in the air.
XPeng also unveiled the X3, the latest version of XPENG AEROHT” s fully-electric vertical takeoff and landing (eVTOL) flying vehicle, at its yearly event on October 24, 2022.
Unlike the company’s sixth-generation flying car announced at the event in 2021, XPeng presented a product closer to production status, stating that a test vehicle of the new vehicle completed multiple single-motor failure tests and its first flight.
XPENG AEROHT’s flying car has caught public attention and is still a hot topic in social media. On October 10, the company launched its first global public flight in Dubai. It used its fifth generation eVTOL – internal model X2, under the UAE government and the royal family’s support.
Two weeks later, XPENG AEROHT released the configuration and the testing video of its latest flying car, X3.
About XPENG AEROHT
XPENG AEROHT is headquartered in Guangzhou, China. It is Asia’s largest flying car company, with over 800 employees, 80% of whom are engineers focusing on R&D related to flying cars.
The company endeavors to integrate intelligent vehicles and modern aviation to produce the safest intelligent electric flying car for users and provide products and solutions in 3D transportation.
