Xpeng to Rollout EV That Can Fly

With electric vehicles (“EVs”) poised to take over the roads as several countries work to cut down on their carbon emissions, carmakers have given their all to develop EVs. More than a decade since the Tesla Roadster catapulted EVs into the mainstream, the market has plenty of electric vehicle models, including smaller ones with limited range, larger versions filled with all kinds of gadgets, and even high-concept EVs such as a 1,000-mile solar-powered car. A company with connections to a major Chinese player has now announced that it is working on a groundbreaking electric car with the ability to fly.

Yes, you heard that: an EV that can take off into the skies like something straight out of a sci-fi movie. After raising $500 million in Series A funding, HT Aero, an urban air mobility (“UAM”) company affiliated with Chinese EV maker Xpeng Motors, has announced that it will roll out a “fully integrated flying vehicle and automobile” as its next-generation model in 2024.

Deli Zhao, the company’s founder and president, says the flying EV will be designed for both road driving and low-altitude air travel. The flying car features an interesting design, including a pair of massive, auto-folding wings jutting out of the side of the body of an electric Bugatti hypercar-like vehicle.

HT Aero has already developed and unveiled a two-seater flying vehicle that can carry two passengers at up to 80 mph for 35 minutes max. Dubbed the Xpeng X2, it is capable of autonomous flight take-off in certain urban scenarios. However, it falls short of being a true flying vehicle.

Zhao says the 2024 model will be a fully integrated automobile and flying vehicle. The company unveiled a design depicting a futuristic car with large wings that can completely fold back into the car when not in use. Not only would such a set-up make these vehicles easier to drive on the roads, but the two wings with their contra-rotating rotors grant the driver full control over pitch, roll and yaw.

But as amazing as the idea of flying vehicles sounds, there are numerous hurdles to overcome before such vehicles are street legal. The issue of weight, for instance, will pose a significant challenge as the rotors will have to generate enough lift to support the weight of the large attached wings as well as the heavy EV. There are also questions on the kind of license drivers will require before they are allowed to drive such a vehicle, not to mention the regulation and safety issues.

It is exciting to see how companies such as Xpeng are pushing the boundaries of innovation in the electric vehicle space, and it remains to be seen what additional ideas “outside” companies, including Net Element (NASDAQ: NETE), will bring to this space once the enabling paperwork is completed for their entry.

NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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