Xiaopeng Heitech, a subsidiary of China’s leading electric vehicle (EV) manufacturer XPeng Motor, has raked in over $500 million in its Series A round.
The parent company XPeng alongside IDG Capital and 5Y Capital has co-led the fresh round, while other investors include Sequoia Capital China, GGV Capital, Eastern Bell Capital, Hillhouse Capital’s GL Ventures and Yunfeng Capital, per a company statement on Tuesday.
Heitech will invest the proceeds for the manufacturing of urban aircraft and for expanding its talent pool.
XPeng, which founded Heitech in 2013, got listed in New York in 2020, followed by Hong Kong in July this year.
Heitech, with a pre-market valuation at over $1 billion, claims to be Asia’s largest flying car company. It integrates intelligent vehicle and aviation technology to produce next-generation clean and smart hovercars.
As of now, it has developed five generations of flying cars. Furthermore, the company is targeting to debut its flying vehicles by 2024.
In the urban air transportation space, Heitech will look at expanding the scope of its vehicles for sightseeing, emergency rescue, and police patrol.
Based in Guangzhou, the company has set up research centres and laboratories in Beijing, Shanghai, Shenzhen and Silicon Valley.