Xpeng Motors secures $150 million in Series B1 funding, accelerating flying car takeoff | PORTFOLIO

On August 5, Xpeng Motors announced it had raised $150 million in its Series B1 round and simultaneously kicked off its Series B2 fundraising. This financing will support the R&D, mass production, and commercialization of Xpeng Motors' flying cars.

Heart Capital invested in Xpeng Motors' Series A round in 2021, having previously backed Xpeng Motors in its Series A as well. On this latest round, Yan Han, Founding Partner of Heart Capital, commented: "With its steady, methodical approach, Xpeng Motors has become the first among China's many eVTOL companies to reach mass production. Heart Capital remains bullish on the prospects of the low-altitude economy. As low-altitude airspace gradually opens up and supporting policies take shape, we'll see even more innovation opportunities emerge. This is a long-distance jog that demands patience and long-term commitment."

Looking across the aerospace sector, our early bets extend beyond Xpeng Motors to years of deployment in commercial space, with investments in LandSpace and Micro-Nano Satellite. Heart Capital continues to dig deep into new quality productive forces, staying true to its strategy of investing early, investing small, and investing in technology. In digital logistics, we led Full Truck Alliance's Series A round and last year led the investment in Yunmanman Cold Chain. Our team also invested in leading ocean freight platform World Logistics at its Series B. In artificial intelligence, our portfolio includes Series A bets on domestic large-model unicorn Baichuan, high-performance GPU designer MetaX, and AI-driven product design collaboration platform Lanhu. Heart Capital focuses on early-stage investments in new quality productive forces, looking forward to partnering with exceptional companies to drive technological innovation and industry advancement.

Xpeng Motors is set to build the world's first flying car factory using modern assembly lines for large-scale mass production in Guangzhou Development District, initially to manufacture the aerial module of its modular flying car, the "Land Aircraft Carrier." Meanwhile, the "Land Aircraft Carrier" is scheduled to begin pre-sales in Q4 this year.

This year, local governments across China have rolled out a wave of policies encouraging and supporting the low-altitude economy, creating fertile ground for flying cars to take flight. Since its founding, Xpeng Motors has been committed to building safe, reliable, and efficient flying car products for users, insisting on full-stack self-development of core technologies spanning propulsion, flight control, and autonomous aerial navigation. On flight safety, the company has developed the world's first ultra-low-altitude whole-aircraft multi-parachute rescue system.

Xpeng Motors' first five generations of flying car products have successfully completed nearly 20,000 test flights, accumulating extensive flight data and experience for the "Land Aircraft Carrier." While pushing forward with commercialization, Xpeng Motors is also accelerating its nationwide flying car application network. To date, it has signed agreements for nearly 60 flight camps, spanning general aviation airports, scenic areas, cultural tourism towns, and urban outskirts, providing users with safe, compliant airspace for flight.

(Image: Xpeng Motors' modular flying car "Land Aircraft Carrier")

The Xpeng Motors "Land Aircraft Carrier" is a modular flying car consisting of a ground module and an aerial module that can automatically separate and recombine. The ground module can fully stow the aerial module inside for terrestrial driving. The aerial module is a manned, pure-electric vertical take-off and landing aircraft with a distributed electric propulsion system that meets single-point-failure safety requirements. It features both manual and autonomous driving modes and offers a 270-degree panoramic dual-seat cockpit. The ground module is a 4-5 person intelligent driving cabin powered by a range-extended electric drivetrain, capable of recharging the aerial module multiple times — hence the "Aircraft Carrier" moniker. The complete vehicle uses a three-axle, six-wheel design with 6×6 all-wheel drive and rear-wheel steering, delivering strong load capacity and off-road performance.

Founded in 2022, Heart Capital is a China-based early-stage venture capital fund focused on technology and digital transformation. The team is led by Yan Han, formerly a founding partner at Lightspeed, alongside core investors, a CFO, and seasoned investors from industry backgrounds. Notable past investments include Series A rounds in Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), as well as FinVolution Group (NYSE: FINV), RoboSense (02498.HK), Baichuan, Yunmanman Cold Chain, Fan Deng Reading, World Logistics, Micro-Nano Satellite, LandSpace, Lanhu, and Starfield. Rooted in China with a global outlook, Heart Capital seeks genuine value in non-consensus bets. The firm honors the value of people and champions the potential of the human spirit, eager to accompany more young Chinese entrepreneurs in strengthening China and expanding onto the world stage.