Chinese airline Xpeng Aeroht has already made two public flights of its flying car. The first took place in the UAE, the second in China.
The startup is backed by electric car maker Xpeng Inc, whose founder, billionaire He Xiaopeng, hopes to overcome regulatory hurdles and grab a slice of the $1 trillion market.
The hype surrounding “flying cars” is at odds with the reality that competing startups have been grappling with for years. Most investors expect company closures and industry consolidation in the coming years, even as orders gradually increase.
Investors want to find “the Tesla of the flying auto industry,” said Zhang Junyi, a partner at consulting firm Oliver Wyman who helped set up investment house Nio Capital. But it could take 10 to 15 years for the market to flourish. “Investing in the flying car industry is a tough marathon.”
A model of a flying car from a Chinese startup is designed to drive on the road more than 90% of the time, and fly only when there are traffic jams or obstacles. The car has four electric motors and eight propellers, and according to the developers’ plans, it can go into mass production in 2025.
The previous price of the car is about $140,000.