GUANGZHOU, China — HT Aero, the flying automobile firm backed by Chinese language electrical carmaker Xpeng Inc. and its founder, raised greater than $500 million from outdoors buyers.

The cash will likely be put towards analysis and improvement and rolling out a brand new mannequin that has the flexibility to function within the air and on roads.

Zhao Deli, founder and president of HT Aero, mentioned in a press launch that the corporate’s next-generation mannequin will likely be a “absolutely built-in flying car and vehicle, designed for each low-altitude air journey and street driving.”

The corporate is planning for an official roll-out of the brand new car in 2024, Zhao mentioned. Nevertheless, he didn’t give a timeline for when the brand new car will likely be launched.

HT Aero is an affiliate firm of Xpeng, one among China’s electrical car start-ups. Xpeng’s founder He Xiaopeng in addition to the electrical automobile firm itself are buyers in HT Aero.

The brand new funding spherical was led by high-profile enterprise capital companies IDG Capital and 5Y capital in addition to Xpeng. Different buyers embrace Sequoia China, Japanese Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying automobiles — additionally referred to as electrical vertical take-off and touchdown autos — have garnered loads of curiosity from automakers and start-ups. Corporations together with South Korea’s Hyundai, German start-up Lilium, and China-based Ehang are growing flying passenger autos.

In July, HT Aero launched the X2, its second flying automobile prototype and first that is capable of carry a passenger.

Xpeng’s founder He advised CNBC in an interview final month that flying autos will likely be part of the corporate’s future.

Nonetheless, such autos face plenty of hurdles to get off the bottom together with regulatory approval to function.