Shanghai (ZXZC)- HT Aero, the electric flying car company owned by XPeng Motors, announced on Oct. 19 it nabbed over $500 million in the Series A funding round, which will value it at more than $1 billion.

Photo credit: HT Aero

The fresh financing round was led by IDG Capital, 5Y Capital, and XPeng Inc. Such renowned investment companies as Sequoia Capital China, Eastern bell Capital, GGV Capital, GL Ventures, and Yunfeng Capital also took part in the funding round.

This is the biggest round ever achieved by a low-flying aircraft company in Asia in term of the money raised, said HT Aero.

“The success in the new financing means that the capital market is upbeat about the flying car business and highly recognizes HT Aero’s technical capabilities. The company will further strengthen the investment in the R&D and manufacturing of flying cars, the pooling of high-end talents, and the airworthiness certification,” said Zhao Deli, president of HT Aero.

Mr. Zhao revealed the company's next-generation flying car, which will truly realize the coupling of aircrafts and automobiles, is expected for launch in 2021.

According to Zhao's earlier speech delivered in mid-Sept., the yet-to-be-launched flying machine is dubbed “Voyager X2”, whose research and development is being underway. It is XPeng's first flying car to feature a closed cockpit, essentially designed for high-altitude flights. The X2 is able to accommodate two passengers under its maximum load of 200 kilograms.