XPENG AEROHT Raises $250 Million in Series B Funding, Accelerating Mass Production of "Land Aircraft Carrier" | Heart Capital Portfolio

On July 15, Xpeng AeroHT closed a $250 million Series B round. The funding will be used to ensure the smooth development, scaled manufacturing, and commercialization of its flying car.

Mass production of the "Land Aircraft Carrier" is accelerating. Xpeng AeroHT's global first flying car mass-production factory has been topped out and is currently undergoing equipment commissioning, with completion planned for Q4 this year. The "Land Aircraft Carrier" is scheduled for mass production and delivery in 2026.

Heart Capital invested in Xpeng AeroHT's Series A in 2021, and was also a Series A investor in Xpeng Motors.

Heart Capital focuses on "new quality productive forces," adhering to the philosophy of "investing early, investing small, investing in technology." In the aerospace sector, we made an early bet on Xpeng AeroHT and have continued to deploy in commercial space, investing in LandSpace and Microsat. In digital logistics technology, we led the Series A in Full Truck Alliance (Yunmanman), led the investment in Yunmanman Cold Chain, and made a Series B investment in World Logistics, a leading maritime freight platform. In artificial intelligence, our Series A investments include large model unicorn Baichuan, GPU chip designer MetaX, and AI design collaboration platform Lanhu. We look forward to continuing to support outstanding companies and drive technological innovation and industry development.

(Image: Xpeng AeroHT's modular flying car, the "Land Aircraft Carrier")

Xpeng AeroHT's modular flying car, the "Land Aircraft Carrier," consists of two parts — a ground module and an air module — that can automatically separate and recombine. The ground module can fully stow the air module inside for ground driving. The air module is a manned, pure electric vertical take-off and landing (eVTOL) aircraft featuring a distributed electric propulsion system that meets single-point failure safety requirements, with both manual and autonomous driving modes, and a 270° panoramic two-person cockpit. The ground module is a 4-5 person intelligent driving cabin with a range-extended electric powertrain that can recharge the air module multiple times, serving as the "mothership" for ground travel. The entire vehicle uses a three-axle, six-wheel design with 6×6 all-wheel drive and rear-wheel steering, offering strong load capacity and off-road capability.

Founded in 2022, Heart Capital is a China-based early-stage venture capital fund focused on technology and digitalization. The team is led by Yan Han, founding partner of Lightspeed China, alongside core investors, a CFO, and seasoned investors from industry. Past investments include Series A investments in Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), as well as FinVolution (NYSE: FINV), RoboSense (02498.HK), Baichuan, Yunmanman Cold Chain, Fan Deng Reading, World Logistics, Microsat, LandSpace, Lanhu, and Starfield. Rooted in China with a global outlook, Heart Capital seeks true value in non-consensus. We respect the value of people and champion the potential of the human spirit, and look forward to accompanying more young Chinese entrepreneurs in building China and going global.