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XPENG AEROHT Granted US$826 Million to Fund Flying Car

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XPENG AEROHT Granted US$826 Million to Fund Flying Car

XPENG AEROHT has formed partnerships with four Chinese banks and gained US$826 million in bank credit (RMB 6 billion), which the company says will help to advance the research and manufacturing of its flying car. The company first released a video of its flying car, internally dubbed the X3, performing a test flight, in October.

The four banks include the Guangdong Branch of the Agricultural Bank of China, the Guangdong Branch of the China Construction Bank, the Guangzhou Branch of China CITIC Bank, and the Guangzhou Branch of Pudong Development Bank.

“The strategic partnership is constructive and encouraging in boosting our confidence in flying cars”, said He Xiaopeng, Chairman, XPENG AEROHT, at the signing ceremony, adding that the financial support will contribute to the company’s investment in its supply chain and construction of manufacturing facilities.

XPENG AEROHT performed a test flight of its fifth-generation eVTOL model X2 on October 10 in Dubai.

In 2021, the Guangzhou-based company completed its Series A round financing of over US$500 million.

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eVTOL XPENG AEROHT XPENG X3

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