XPENG AEROHT Raises US$500+ Million in Series A Financing

From XPENG AEROHT 2021-10-19

Guangzhou, China, October 19, 2021 – XPENG AEROHT announced that it has entered into a definitive agreement with a consortium of investors to raise over US$500 million for its Series A capital funding. The funding round is led by IDG Capital, 5Y Capital, and XPENG Inc. with participation by a consortium of renowned investors, including Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures, and Yunfeng Capital.

The Series A financing from a consortium of high-quality investors is a strong testament to the company’s long-term vision, technology roadmap, and market-leading R&D capability as a prominent player in one of the most promising and disruptive technologies of future mobility. It will be the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.

“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 XPENG AEROHT will further accelerate the build-up of our ecosystem to integrate driving and flying”, said Mr. Xiaopeng He, Chairman, and CEO of XPENG Inc.

“The Series A financing will provide us with sufficient resources to advance our research and development, acquire top-tier talent, and continue to gain airworthiness provision and certification,” said Mr. Deli Zhao, Founder, and President of XPENG AEROHT. “Our next-generation model will be a fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving. We are planning for an official roll-out in 2024,” Mr. Zhao added.

“XPENG AEROHT’s deep roots in proven technology and sophisticated R&D capabilities will help it jumpstart the industrialization of flying cars,” said Mr. Guangfu Cui, Partner of IDG Capital. “We believe that the flying vehicle sector will be a trillion-dollar market. The rapid technological evolution of batteries, autonomous driving, and materials science provide the synergies needed to create a new paradigm for flying cars.”

“XPENG AEROHT is a visionary initiative to transform the transportation sector through a new form of mobility,” said Mr. Richard Liu, Founding Partner of 5Y Capital. “We share XPENG AEROHT’s vision, and its founders’ belief that investing in technological innovations that can unlock greater social and environmental values is a critical path to achieving competitiveness at a global scale.”


Dedicated to Producing the Safest Intelligent Electric Flying Car for Individual Users

Unlike many eVTOL (electric vertical take-off and landing) companies, which target services for the business sector, XPENG AEROHT is dedicated to producing the safest intelligent electric flying car for individual users, focusing on developing 3D transportation.

XPENG AEROHT is one of the earliest pioneers in the flying car sector, and is one of the few private enterprises in China’s aviation sector with a proven track record of safe flights. Since its foundation in 2013, it has developed five generations of intelligent electric-powered manned flying cars.

As Asia’s largest flying car startup,XPENG AEROHT has a team of 700 professionals from multiple disciplines, including industrial design, structural mechanics, embedded systems, aerodynamic simulation, integrated avionics, manned flight test, flight control, autonomous driving, airworthiness, and safety. Over 85% of its professional expertise is focused on R&D. Headquartered in Guangzhou, the company has R&D centers and laboratories located in Beijing, Shenzhen, Shanghai, and Silicon Valley, and R&D flight tests and compliance verification flights are conducted in Panyu, Guangzhou.


About XPENG AEROHT

XPENG AEROHT, an affiliate of XPENG Inc., is the largest flying car company in Asia. Integrating intelligent vehicle and modern aviation, it is dedicated to producing safe and intelligent electric flying cars for individual users.

Established in 2013, it has completed 15,000 flights successfully. It has won multiple industrial design awards including Red Dot Award, IF Award, and IDEA Design Award. In the future, it will provide products and solutions in 3D transportation, including urban air transportation, scenic spot sightseeing, emergency rescue, air patrol, etc.


About XPENG
XPENG is a leading technology company that designs, develops, manufactures and markets smart mobility solutions.
In order to optimize the customers’ mobility experience and enable rapid product iteration, it has strategically chosen to focus on developing full-stack intelligent driving technology, in-car intelligent operating system and core vehicle systems in-house. Through its proprietary software, core hardware and data technologies, it is able to develop and deploy innovative products rapidly and efficiently.

XPENG is headquartered in Guangzhou, China with multiregional offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. In 2021, XPENG established its European headquarters in Amsterdam, together with other dedicated offices in Denmark, Germany, Norway and Sweden. XPENG's electric cars are manufactured in the wholly owned factory in Zhaoqing, China. To further expand our production capacity, two new self-weighted, smart manufacturing bases for electric cars in Guangzhou and Wuhan are under construction.

XPENG Inc.'s American Depositary Shares (ADSs) have been listed on the New York Stock Exchange, or the NYSE, under the symbol “XPEV” since August 27, 2020. In addition, XPENG has been listed on the Stock Exchange of Hong Kong Ltd., or the SEHK, under the symbol of “9868.HK” since July 7, 2021.

Please visit: https://heyxpeng.com for further information about XPENG.