Xpeng, China’s EV upstart, ready to take off with flight license • TechCrunch

Xpeng, a Chinese electric vehicle upstart, is preparing to launch its eVTOL into the air as it gets a key regulatory green light.

Aeroht, owned by Xpeng and Xpeng founder He Xiaopeng, has just obtained a special flight permit from the Civil Aviation Administration of China, the Chinese counterpart to the US Federal Aviation Administration. The clearance allows Aeroht’s X2 electric vertical take-off and landing aircraft to fly with a pilot under special conditions. With the permit, Aeroht says it will launch a series of manned flight tests to accumulate data for future mass production.

The X2, which Aeroht describes as a “flying car”, is a two-seater carbon fiber quadcopter without wheels – although the company’s next-generation plane appears to be a sedan with wings, according to concept photos on its website.

For now, X2 is designed for “future low-level urban flight and is perfect for short-haul urban journeys such as sightseeing and medical transport,” its product information says. It can be operated manually or in autonomous mode which automates start-up, return and landing operations. The model has performed more than 3,000 tests since its maiden flight in June 2021.

Aeroht is one of two companies spun off from nine-year-old Xpeng and raised funds independently. In October 2021, the airline pocketed over $500 million in a Series A round led by IDG Capital, 5Y Capital and Xpeng itself. Do you remember the robot pony to ride for kids? It is Xpeng’s other project, Xpeng Robotics, which racked up a Series A of $100 million in July last year. IDG Capital was again the lead funder, with participation from Xpeng.

Xpeng is pursuing these new ambitions at a time when its core EV business is hitting a speed bump. The automaker has pushed back its profit target until 2025 after a disappointing 2022, in which it achieved less than half of its annual sales target, Bloomberg reported earlier this week. The Guangzhou-based company is facing a price war with Chinese electric vehicle maker BYD, which focuses on affordability, and Tesla, which has cut prices repeatedly to attract more frugal consumers to the bigger world automotive market.