Xpeng-backed HT Aero secures US$500 million in Asia’s largest financing deal for a flying car start-up

The Guangzhou-based urban air transport firm says it will target individuals rather than the corporate customers favoured by rivals

HT says it is trying to get its vehicles certified as airworthy by regulators and hopes to launch them commercially in 2024

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HT Aero said it will target individuals and hopes to launch its first flying car commercially in 2024. Photo: SCMP Pictures

Published: 8:15pm, 19 Oct 2021Updated: 10:30am, 21 Oct 2021

HT Aero, a Chinese company that is developing flying cars, has raised US$500 million from a clutch of investors, the most for any urban air transport start-up in Asia.

The Guangzhou-based firm, an affiliate of Xpeng Motors, said it is trying to get its vehicles certified as airworthy by regulators. Unlike many of its rivals who are aiming for corporate customers, HT said it will target individuals and hopes to launch its first flying car commercially in 2024.

“Our mission has always been to explore efficient, safe, and carbon-neutral mobility solutions that go beyond smart electric vehicles,” founder and chief executive He Xiaopeng, who is also the controlling shareholder, said in a statement on Tuesday.

“What we are seeing is the integration of the three driving forces of smart mobility – disruptive technology, new sources of energy and mass production.”

The fundraising by HT reinforced Xpeng’s push to create an ecosystem as the technological evolution of batteries, autonomous driving and materials science increasingly defines the future of mobility.

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