Xpeng's flying car company secures $827 million bank loan
The Voyager X1 flying vehicle, developed by the flying car startup Xpeng AeroHT.

Asian Tech Press (Nov 8) --Xpeng AeroHT, a flying car startup of Chinese electric car makers Xpeng Inc., has received a 6 billion yuan ($827 million) bank loan.

Xpeng AeroHT announced Tuesday that it has officially entered into a strategic partnership with the Guangzhou branches of the four banks, including Agricultural Bank of China, China Construction Bank and China CITIC Bank and Shanghai Pudong Development Bank.

Under the agreement, the four banks will jointly provide a total credit line of 6 billion yuan ($827 million) to Xpeng AeroHT, to support the startup's research and development and future manufacturing of flying cars.

Xpeng AeroHT, based in Guangzhou, is the largest flying car company in Asia, with nearly 800 employees, more than 85% of whom are R&D staff for flying cars.

The flying car startup successfully completed the first public flight of its fifth-generation product, the Voyager X2, in Dubai in early October.

(US$1 = 7.2555 yuan)

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