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XPENG AEROHT is granted RMB 6 billion bank credit to support eVTOL development

XPENG AEROHT, a Chinese eVTOL producer has signed a strategy cooperation partnership agreement with four leading Chinese banks, namely, the Guangdong Branch of the Agricultural Bank of China, the Guangdong Branch of the China Construction Bank, the Guangzhou Branch of China CITIC Bank, and the Guangzhou Branch of Pudong Development Bank. Under the partnership, a bank credit of RMB 6 billion (circa USD 850 million) is jointly granted by the four banks to XPENG AEROHT aiming at facilitating its flying car R&D and future manufacturing.

“The strategic partnership is constructive and encouraging, boosting our confidence in flying cars”, said He Xiaopeng, the chairman of XPENG AEROHT, at the signing ceremony. He said that the financial support from the banks will enable XPENG AEROHT to further increase investment in flying car R&D, establishment of supply chain and construction of manufacturing facilities.

In a press release issued by the company it reports “XPENG AEROHT’s flying car has aroused wide public attention and is continuously being a hot topic in social media throughout the world. On October 10, XPENG AEROHT successfully launched its first global public flight in Dubai, using its fifth generation eVTOL – internal model X2,  under the support of the UAE government and the royal family.”

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