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

Asia's Tech News Daily

is developing flying cars, beyond smart electric vehicles

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.

IDG Capital, 5Y Capital and Xpeng were the leading investors in HT’s Series A financing.

Another five investors – Sequoia Capital, Eastern Bell Capital, GGV Capital, GL Ventures and Yufeng Capital – also participated.

Urban air mobility focuses on aerial connectivity in and around cities.

The eVTOL (electric vertical take-off and landing) vehicles would add to existing public transport options and enable passengers to avoid traffic gridlocks.

At present, most eVTOL businesses are aiming to offer services to corporate clients as they develop safe and smart next-generation flying cars.

“Our next-generation model will be a fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving,” Zhao Deli, the founder and president of HT, said in the statement. “We are planning for an official roll-out in 2024.”

In September last year, the urban air mobility company unveiled a prototype flying car, known as Kiwigogo, at the Auto China 2020 exhibition in Beijing.

The drone-like vehicle, fitted with eight turbofans, is designed to fly at heights of between five metres and 25 metres.

A raft of start-ups are developing flying cars, betting on the future of mobility being at least partially airborne.

Lilium, a German company, completed fundraising of US$830 million in a special purpose acquisition company (SPAC) deal on the Nasdaq stock exchange in March.

American electric air taxi start-up Joby raised US$1.6 billion in another SPAC deal a month earlier.

Volocopter, another German flying car developer and partner of Zhejiang Geely Holding Group, is also seeking to operate its air taxi services in China.

HT, founded in 2013, has a team of 500 professionals engaged in industrial design, structural mechanics, embedded systems and integrated avionics.

Electric-car maker Xpeng, based in Guangzhou, is one of the three major Chinese challengers to Tesla, alongside Shanghai-headquartered NIO and Li Auto in Beijing.

The carmaker has received funds from e-commerce giant Alibaba Group Holding and smartphone maker Xiaomi.

In July, Xpeng raised HK$14 billion (US$1.8 billion) in a second primary listing in Hong Kong, less than 12 months after a US$1.72 billion initial public offering and a US$2.48 billion top-up sale in New York.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

If you've ever wanted to learn to be an animator, this package can make it happen

TLDR: The Complete Cartoon Animator 4 Pro Mac Bundle can help turn any budding artist into an experienced and seasoned animator for just $29.99.  You’ve probably seen a behind-the-scenes documentary ... Read more »

Indore Smart City to help DAVV students grow their startups

INDORE: Indore Smart City Seed Incubation Centre has decided to use its expertise in helping Devi Ahilya Vishwa Vidhyalaya (DAVV) students develop their business ideas into successful commercial projects.Indore Smart ... Read more »

Bounce partners with Park+ for battery swap infra

With this infrastructure in place, customers wouldn't have to wait for the scooter to charge, be anxious about the range or remember to charge it, Bounce said. Electric scooter rental ... Read more »

Why Flash Gordon seems a more exciting project for Taika Waititi than Star Wars

Taika Waititi is turning his attentions to the stars. Once he’s got the upcoming Thor: Love and Thunder and sports comedy Next Goal Wins out the way, the in-demand writer, ... Read more »

Hackers are using Cloud accounts for crypto mining, Google issues warning

The tech giant Google on Saturday warned that the cloud service is under threat saying that cyberhackers have been using compromised accounts to mine cryptocurrency. Google’s cloud service offers a ... Read more »

Democratic countries need to think about creating safe, accountable internet: MoS IT

New Delhi, Nov 27 (PTI) Democratic countries need to join hands to think about creating safety, trust and accountability on the internet which has no boundaries, Minister of State for ... Read more »

Best Black Friday deals in 2021 live - AirPods, Chromebooks, Apple Watch and more

Refresh 2021-11-27T13:38:18.122Z Right, here’s one that’s dropped in price from yesterday to today, back down to the lowest we’ve seen from earlier in the week. If you just want a ... Read more »

$3.98 for 10TB online is what the best Cyber Monday cloud storage costs and it's exclusive to TechRadar

IDrive is the latecomer to our Cyber Monday cloud storage deal lineup but they delivered the best deal out there, by far, bar none. How they did it, we don’t ... Read more »

Video: Airbus A340 makes successful landing in Antarctica

Historic flight could be the first of many for tourists and scientists to the continent at the bottom of the world. Read more »

OMG Apple, why are you so boring?

I used to be really fat. Then I lost so much weight so quickly that the doctor sent me for tests. At the end of the diet, I went to ... Read more »

Crystal Palace vs Aston Villa live stream: how to watch Premier League from anywhere

Having battled it out in midfield in their playing days, this afternoon’s match at Selhurst Park sees Patrick Vieira and Steven Gerrard take each other on from opposing dugouts. Read ... Read more »

2022 could see biggest change ever for Android smartphones but you won't even notice it

You probably have never heard of RISC-V but this is an exciting new hardware development fostered primarily by the Chinese government to reduce the domestic influence of CPU and GPU ... Read more »

Nvidia RTX 3050 could arrive in Q2 2022 for more budget GPU options

Nvidia’s long-rumored desktop version of the RTX 3050 (as opposed to the existing laptop model) could be here in the second quarter of next year, so perhaps as soon as ... Read more »

Liverpool vs Southampton live stream: how to watch Premier League from anywhere

Liverpool will look to continue their recent impressive showings by claiming their third win in eight days, as they welcome Ralph Hasenhuttl’s Saints to Anfield. Read on to find out ... Read more »

A man on a lockdown stroll across English farmland discovered an 'extraordinary' Roman villa with epic Trojan War mosaic

Aerial view of the excavations of a large Roman mosaic in Rutland, England.Historic England Archive A man taking a lockdown walk on his father's farm stumbled across a rare Roman ... Read more »

COVID-19: Increasing fears over risk of new Omicron variant impacting Christmas

Thousands have already had their travel plans disrupted as the festive season gets under way and scientists say there are similarities between the spread of the new variant of concern with that of the Alpha variant last December. Read more »

Nordstrom Black Friday isn't over yet—you can still get nearly 50% off everything, including Dyson, Coach and more (live updates)

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Black Friday might be behind us, but the sales at Nordstrom ... Read more »

Amazon Shoppers Love This Easy-to-Install Video Doorbell — and It's 30% Off Right Now

ring doorbell Amazon If you're looking for an easier way to monitor your front door and manage visitors in order to feel safer and more comfortable at home, a video ... Read more »

MediaTek Dimensity 9000 chip to cost twice as much as the Dimensity 1200 SoC: Report

The MediaTek Dimensity 9000 is the first smartphone chipset built on the 4nm process. However, new information suggests that smartphones powered by the new MediaTek chipset may not be as ... Read more »

Sheridan Smith ‘upset' after ‘not being treated with kindness' on Jonathan Ross Show

Sheridan Smith has reportedly had a backstage row after growing “upset” during her time on The Jonathan Ross Show. The actor and singer, 40, will appear on Saturday’s episode of ... Read more »

Louise Redknapp enjoys wild night out with her 'boys' after ex Jamie welcomes son

Louise Redknapp let her hair down on Friday night to enjoy an evening of music with her “boys” following her ex-husband Jamie Redknapp welcoming a baby with his new wife. ... Read more »

Lost iPhone or Android phone? Take these steps to protect yourself

It’s the worst feeling: that moment you realize your smartphone is missing. Panic ensues, and you begin the frantic search around you, lifting sofa cushions and retracing your steps. But ... Read more »

New to cryptocurrency? Know these terms: Talking Tech podcast

Hit play on the player above to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current ... Read more »

Improving video capture and sharing is a ‘priority' for Xbox

When it comes to making improvements to Xbox Series X/S, the team at Xbox is placing video capture quality and sharing high on its priority list. As reported by VGC, ... Read more »

Poco to launch laptops with 16-inch screen and 3,620 mAh battery in India

Smartphone brands are diversifying outside mobile phones and are introducing multiple AIoT products. Poco, which was earlier a part of Xiaomi, has now made its separate identity in the market ... Read more »

Samsung starts production of Galaxy A13 in India at the Noida factory: Report

Samsung is all set to release the Galaxy A13 either this year or in early 2022 in two variants – Galaxy A13 and A13 5G. The production of this device ... Read more »

Why the CEO of this cosmetics giant has shut down the company's social media accounts

UK-based cosmetics company Lush closed its Facebook, Instagram, TikTok, and Snapchat accounts worldwide on September 26, showing concern about the effects of social media after Facebook whistleblower Frances Haugen made ... Read more »

Cloud services will accelerate business transformation

The cloud market is booming. Worldwide spending on public cloud is forecast to have grown 23% by the end of 2021 to total $332 billion, up from $270 billion in ... Read more »

How to watch UK Championship 2021: live stream snooker free and from anywhere

Neil Robertson consigned Judd Trump to more UK Championship heartbreak 12 months ago, but the Bristolian enters the first Triple Crown event of this season in top form. Will anyone ... Read more »

Itaewon Class soundtrack singer Gaho talks K-dramas, his first LP, Fireworks, and sharing his emotions and stories

While Squid Game and Hellbound are the biggest K-drama hits of 2021, in 2020, everyone was talking about Itaewon Class. And everyone who had watched that show was listening to ... Read more »

A mysterious Chinese GPU firm with deep pockets is gunning for Nvidia and AMD

Not much is known about Moore Threads, a Chinese tech company that just celebrated its first birthday, and now wants to double the number of concurrent threads every two years. ... Read more »

Spotify is retiring the Car View mode that made listening while driving easier

You may remember that Spotify launched a special Car View mode for its Android app back in 2019, featuring a simplified interface with larger buttons to make it easier to ... Read more »

I'm a Celebrity chaos as ITV show hit by ‘security breach' amid fears more stars will quit

The latest series of I’m a Celebrity… Get Me Out of Here! has been hit by chaos in recent days. This year’s crop of stars entered the compound, which was ... Read more »

Omicron variant ‘extremely unlikely' to trigger major new Covid wave in UK, saysvaccine expert

Watch: New Omicron strain of Covid deemed ‘variant of concern’ by WHO A vaccine expert says it is “extremely unlikely” that the new Omicron variant will trigger a major new ... Read more »

Apple becomes largest smartphone brand in China in October 2021: Counterpoint Report

Apple has made reparability worse on iPhone 13 Apple iPhone sales have picked up in China after a long slump. According to a report by Counterpoint, Apple surpassed Chinese smartphone ... Read more »

Worried about AI ethics? Worry about developers' ethics first

Artificial intelligence is already making decisions in the fields of business, health care and manufacturing. But AI algorithms generally still get help from people applying checks and making the final ... Read more »

7 reasons why we are failing to decarbonize transport

Transport accounts for . It is now the largest emitting sector in many developed countries. While Europe and North America dominate historic transport emissions, much of the projected growth in emissions ... Read more »

Music therapy for better sleep and stress relief … in a Canto-pop song? Jocelyn Chan explains her use of tuning forks in Sound of Silence and the theory behind it

Do tuning forks have any place in a pop song? Yes, says Hong Kong singer-songwriter Jocelyn Chan Ming-hei – her song Sound of Silence, which recently topped city public broadcaster ... Read more »

People are confusing Jennifer Lawrence for another star in new photoshoot

The Oscar winning star is back to promote her new movie, Don’t Look Up (Reuters) A list actor Jennifer Lawrence is back in the spotlight after almost three years. She ... Read more »

Xiaomi to build its first electric vehicle factory in Beijing suburb

Chinese smartphone maker Xiaomi is building its first electric vehicle factory in the outskirts of Beijing, according to a local government announcement, marking an important step for the firm as ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic