​XPeng’s flying car arm XPENG AEROHT receives 6-billion-yuan bank credit

Beijing (Gasgoo)- On November 8, XPENG AEROHT, the flying car company of XPeng, entered into a strategic partnership with the Agricultural Bank of China (ABC), China Construction Bank (CCB), CITIC, and Shanghai Pudong Development Bank (Guangdong/Guangzhou branch) to receive a 6-billion-yuan credit line.

Photo credit: XPENG AEROHT

Per the agreement, the four banks jointly granted a 6-billion-yuan credit line to XPENG AEROHT to support its research and development, as well as the manufacturing of flying cars.

"The strategic partnership is constructive and encouraging, boosting our confidence in flying cars", said He Xiaopeng, the chairman of XPENG AEROHT, at the signing ceremony. He said that the financial support from the banks will enable XPENG AEROHT to further increase investment in flying car R&D, establishment of supply chain and construction of manufacturing facilities. 

Notably, XPENG AEROHT completed its Series A financing round on October 19, 2021, with over $5 million raised. The 6-billion-yuan bank credit this time marked the company’s another financial achievement so far. 

With such eye-catching products under development, XPENG AEROHT deems itself as a low-altitude air mobility explorer. On October 10, the company successfully launched its first global public flight in Dubai via its fifth-generation product, the Voyager X2. Later on the XPeng 2022 TECH DAY, the company made public its latest achievements in the world’s first VTOL (vertical take-off and landing) flying car, code named X3.