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Xpeng Motors to invest $413 million in flying cars this year: CEO
Xpeng Motors plans to invest $413 million in its eVTOL aircraft business this year, aiming to establish a mass-production facility in Guangzhou with a capacity of 10,000 units by next year. CEO He Xiaopeng forecasts the global eVTOL sector could reach $2 trillion in 20 years, representing a significant portion of the car market.
Key points
- Xpeng Motors will invest RMB 3 billion ($413 million) in eVTOL technology in 2023.
- The company aims to set up a factory in Guangzhou for mass-producing flying cars with a capacity of 10,000 units by 2024.
- This factory is touted as the world's first dedicated to mass-producing flying cars.
- The global eVTOL market is anticipated to reach $2 trillion over the next two decades.
- Xpeng Aeroht, a subsidiary, has applied for airworthiness for its Land Aircraft Carrier eVTOL.
Why it matters
- The investment aligns with 2025 IT trends including urban air mobility and the shift towards electric vehicles.
- Similar initiatives are being observed globally, indicating a competitive growth in eVTOL technologies.
- Past significant investments in green technologies and electric vehicles reflect a growing trend towards innovation in transportation.
Xpeng Motors' substantial investment in eVTOL technology highlights the company's commitment to pioneering urban air mobility and positions it strategically in a rapidly growing market poised for significant expansion.