AeroHT, which is scheduled to receive advance reservations from the fourth quarter of this year, has received more than $500 million in funding, and the investment is estimated to be more than $1 billion. According to Chinese economic media Caixin on the 6th, AeroHT has recently successfully attracted $150 million in investment, and at least three state-owned companies have reportedly participated in the investment, coordinated by the Guangzhou local government.
As investors, Guangzhou GET Investment Holdings, a subsidiary of Guangzhou Development District Holding Group, invested the most at $70 million, while two Guangzhou local government-backed companies invested $50 million and $30 million, respectively, Caixin said.
“We will use the investment for the company’s flying car research and development and mass production to ensure smooth commercialization,” said Zhao Duri, founder of AeroHT. Zhao said AeroHT plans to start pre-sale in the fourth quarter of this year and expects to start mass production in the fourth quarter of 2025.
The company will build a flying car manufacturing plant in the Guangzhou development zone. The plant will initially be used to produce modules for modular flying cars, AeroHT explained.
AeroHT’s funding is known to be the largest in the industry this year. The previous funding was completed at the end of 2021, and it has secured more than $500 million from IDG Capital, 5Y Capital, and Xpeng. The world is currently in fierce technology competition in urban air transport (UAM). AeroHT’s flying car is a two-seater helicopter type model, and the process of obtaining airworthiness certification is underway smoothly. Airworthiness certification is a stage where the structure, strength, and performance of the aircraft are recognized by the competent authorities as safety, reliability, and conformity with technical standards suitable for flight, and if it goes through this stage, it can be evaluated that commercialization is imminent.
EJ SONG
US ASIA JOURNAL
