China flying vehicle developer HT Aero raises $500m
HT Aero, an urban air mobility (UAM) company affiliated with Chinese electric vehicle manufacturer Xpeng, has raised a $500 million Series A round led by Xpeng, IDG Capital, and 5Y Capital.
The company - which is also known as Xpeng Huitian - is now valued at $1 billion. The Series A is said to be the largest single-tranche fundraising in the low-altitude flying vehicle space in Asia. Other investors include Sequoia Capital China, Eastern Bell Capital, GGV Capital, GL Ventures, and Yunfeng Capital.
HT Aero is committed to creating the world's safest smart electric flying car. It has completed more than 15,000 safe flights with passengers to date.
The company recently unveiled its fifth-generation flying vehicle, the X2. It is integrated with Xpeng’s car charging system and is capable of autonomous flight. The next model, designed for air and road travel, is scheduled for rollout in 2024, according to Deli Zhao, founder and president of HT Aero.
The new funding will go towards recruitment, R&D, and the pursuit of regulatory approvals.
"Xpeng's exploration of future transportation goes beyond smart EVs. We will explore new travel and lifestyles that are more efficient, safer, and in line with carbon neutrality. This investment in HT Aero will further accelerate our layout in the intelligent transportation ecology," said Xiaopeng He, chairman and CEO of Xpeng, in a statement.
Most of the progress in flying vehicles has happened in North America and Europe, with the Uber Elevate and Uber Air brands as well as Germany’s Lilium.
Japan-based SkyDrive - which claims to have created the world’s smallest electric vertical take-off and landing (eVTOL) vehicle - is arguably the only Asian player to see significant traction. It raised a JPY3.9 billion ($37 million) Series B round in 2020. SkyDrive hopes to launch a commercial product by 2023 that costs only JPY2-3 million per unit.
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