Aridge, the flying car subsidiary of Chinese automaker Xpeng, has raised nearly $200 million USD ahead of its planned IPO thanks to a new funding round. With this, the company has now generated a total of around $1 billion USD in capital.
The latest funding round was fully backed by financial investors and venture capitalists, including existing investors GL Ventures and HongShan Capital, as well as new investors Gaorong Ventures and Fortune Capital.
Funding and IPO Plans
With this injection of capital, Aridge has now raised a total of approximately $1 billion USD, making it Asia’s best-funded startup in manned low-altitude flight, according to its own statements. Xpeng plans to take its subsidiary Aridge public this year and has already submitted a corresponding application in Hong Kong.
JPMorgan Chase and Morgan Stanley have reportedly been appointed to prepare the flying car business’s initial public offering (IPO).
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Aridge’s Products and Technology
Aridge has developed an eVTOL – an electrically powered aircraft capable of vertical take-off and landing, similar to a drone or helicopter. Unlike many competitors, Aridge does not market its product as a flying taxi but as a flying car.
This is because the aircraft is designed for use by a single owner and cannot be booked like a taxi. In turn, Aridge and Xpeng plan to sell this flying car as part of a package with a conventional vehicle. They call this the Land Aircraft Carrier, a three-axle transporter equipped with an eVTOL on board. The concept was first presented in October 2023.
The vehicle is also designed to recharge the aircraft between flights. The all-wheel-drive ground module can accommodate up to five people, while the air module seats two passengers.
Testing and Development
According to the report, the company completed test flights with the air module on 5 March, paving the way for mass production and customer deliveries to begin this year.
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Additionally, Aridge has a larger hybrid-eVTOL model, the A868, introduced last autumn, in its development pipeline. This model is designed for longer flights with multiple passengers and remains in the testing and development phase.
Aridge’s funding suggests they’re a major player in the electric aviation space, and their plans for an IPO will be closely watched.
The Land Aircraft Carrier is an interesting concept, and it will be interesting to see how it’s received by consumers. The fact that it can accommodate up to five people in the ground module, and two passengers in the air module, makes it a potentially useful vehicle for a variety of applications.
Development continues.