Chinese EV maker Xpeng’s flying car company has raised more than 500 million

Less than halfway through the release of the flying car prototype, the Chinese electric car start-up Expan unveiled its second model at the Shanghai Auto Show in April 2021.

Evelyn Cheng | CNBC

GUANGZHOU, China – Flying car company HT Arrow, backed by Chinese electric carmaker Expan Inc. and its founder, has raised more than ৫০ 50 million from outside investors.

This money will be spent on research and development and a new model will be created that has the ability to work in the air and on the road.

The company’s next-generation model will be “fully integrated flying vehicles and automobiles, designed for both low-altitude air travel and road driving,” Zhao Daily, founder and president of HT Arrow, said in a press release.

Zhao said the company plans to officially roll-out the new car in 2024. However, he did not give a deadline for the launch of the new car.

HT Arrow is an authorized company of Xpeng, one of the electric car start-ups in China. He Xiaopeng, the founder of Xpeng, as well as the electric car company itself is an investor in HT Aero.

The new funding round was led by high profile venture capital firm IDG Capital and 5Y Capital as well as Expen. Other investors include Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying cars ও also called electric vertical take-off and landing vehicles অর্জন have gained much interest from automakers and start-ups. Companies including South Korean Hyundai, German start-up Lilium and China-based Ehong are building flying passenger vehicles.

Read more about electric vehicles from CNBC Pro

In July, HT launched the Arrow X2, a prototype of its second flying car and the first that is capable of carrying passengers.

Xpeng’s founder told CNBC in an interview last month that flying vehicles would be a part of the company’s future.

Nevertheless, such vehicles face several obstacles to landing with regulatory approval for movement.

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