HT Aero, a flying car startup backed by Chinese electric vehicle maker Xpeng, said on Tuesday it has raised over $500 million in its latest funding round.

The startup, founded in 2013 and previously called Xpeng Heitech, raised the new money from IDG Capital, 5Y Capital, Xpeng and others in this funding round, it said in a statement.

HT Aero said it would use the funding to develop technologies and expand its workforce. It aims to deliver a flying car model, which will be able to drive on road, to customers in 2024.

HT Aero did not disclose its valuation after the funding round.
Companies from start-ups to global carmakers are racing to develop commercial flying "robo-taxis", hoping to cash in on a market Morgan Stanley says could be worth $1.5 trillion by 2040.

Other automakers that are developing flying cars in China include Geely's Terrafugia, which is building a factory in central city of Wuhan. Volkswagen AG is also studying the industry in China.

Regulators in China, however, have yet to detail rules on flying vehicles.

Chery has maintained its position as the highest vehicle exporter from China with 22,052 units exported in September, up 108.7% year on year. For the fifth time this year, Chery exports have exceeded 20,000 units.
The cumulative exports from January to September 2021 were 187,910 units, which is 2.5 times more than the sales from same period of previous year. Not only setting a new record, Chery also continues to maintain its first position of passenger car export among all Chinese brands.
According to the sales figures, a total of 75,692 Chery cars were sold in September, up 10.3% year on year. Despite global semiconductor chip shortage, Chery has maintained its rapid growth rate in China’s auto industry. From January to September, it sold 651,289 vehicles, up 53.3% year on year.
Chery is among the very first & leading Chinese car exporter for over 20 years, and has become an excellent representative of Chinese brands in the global market. As per information, Chery adds an overseas user every 2 minutes on average. Up to now, Chery has accumulated 9.7 million users, including 1.87 million overseas users.
Source: carspiritpk

Volvo Cars confirms that it will undergo an initial public offering as the company returns to the Nasdaq Stockholm Stock Exchange after 2 decades of being owned by other automakers.
China’s Zhejiang Geely Holding Group Co will offer shares at 53 to 68 Swedish kronor each ($6.30 to $8.07) in a bid to raise around $2.9B. The IPO would value the Swedish car manufacturer at up to $23B.
Geely purchased Volvo from Ford Motor Co. (F -1.1%) in 2010. Ford had owned the company since 1999. Geely will remain Volvo's primary owner following the listing.
Volvo will use the funds to finance the construction of a European battery plant alongside its plan to sell only electric vehicles by 2030. Shares of the company will begin trading Oct. 28.