Core Viewpoint - Xiaopeng Huitian, a flying car company under Xiaopeng Motors, is considering an IPO in Hong Kong or the US, although it has not confirmed any details yet. The company is focused on business development and will share updates at an appropriate time [2][4]. Company Overview - Xiaopeng Huitian, headquartered in Guangzhou, is developing a split-type flying car called "Land Carrier," which has received acceptance for airworthiness certification from the Civil Aviation Administration of China. The factory in Guangzhou is expected to be completed in Q3 2024, with mass production slated to begin in 2026 [2][5][9]. Funding and Financials - The company has completed three rounds of financing, including over $500 million in A-round funding in October 2021, which was the largest single financing in Asia's low-altitude manned aircraft sector at that time. In April 2024, it secured a syndicate loan of 1.26 billion yuan from five banks to support the construction of its flying car manufacturing base, marking the largest loan for flying car production globally [4][5]. Industry Context - The low-altitude economy has been recognized as a strategic emerging industry in China, leading to a surge in domestic manned aircraft companies. As of Q1 2025, there are over 82,400 low-altitude economy-related enterprises in China, with a year-on-year increase of 224% in new registrations [5][6]. Market Positioning - Xiaopeng Huitian's flying car is priced at approximately 2 million yuan, with nearly 2,000 orders received. The company initially targeted the consumer market but has shifted focus to B-end applications such as emergency rescue and high-end tourism due to the high price and regulatory challenges [7][9]. Competitive Landscape - The flying car sector is distinct from eVTOL (electric Vertical Take-Off and Landing) aircraft, with the former aiming to integrate ground and aerial transportation. The commercial viability of flying cars is expected to depend on large-scale production to reduce costs, while eVTOLs may achieve quicker monetization through rental and subscription models [8][9].

Group 1 - XPeng Motors is considering an IPO for its flying car subsidiary, XPeng Huitian, with potential listings in Hong Kong or the US [1] - Since its public debut in November 2024, XPeng Huitian has received approximately 4,000 orders for its split-type flying car [1] - The model certification application for XPeng Huitian's flying car, known as "Land Carrier" (model code: X3-F), has been accepted by the Civil Aviation Administration of China [1] Group 2 - XPeng Huitian's manufacturing base is expected to be completed and operational by Q4 2025, with an annual production capacity planned to reach 10,000 units [1] - EHang Intelligent plans to expand its production capacity in 2025, targeting an overall annual production goal of 1,000 units [1] - The capacity expansion plans of XPeng Huitian and EHang Intelligent are expected to advance the low-altitude economy from the technology validation stage to large-scale production [1]

Core Viewpoint - Xiaopeng Motors is considering an IPO for its flying car subsidiary, Xiaopeng Huitian, with potential listings in Hong Kong or the U.S. [1] Group 1: IPO Considerations - Xiaopeng Huitian has invited multiple banks to participate in the IPO bidding process [1] - The company has not officially confirmed the IPO rumors but is focused on business development [1] Group 2: Recent Financing Activities - Xiaopeng Huitian secured a syndicate loan of 1.26 billion yuan from five banks to support the construction of its flying car manufacturing base [2] - The company has completed three rounds of external financing, including a $500 million Series A round in 2021 and a $150 million Series B1 round in 2024 [2] Group 3: Manufacturing Base Development - The flying car manufacturing base is set to be the world's first large-scale production facility for flying cars, with an annual capacity of 10,000 units [2] - The base is expected to be completed by Q3 2025, with the first flying cars anticipated for delivery in 2026 at a price not exceeding 2 million yuan [3] Group 4: Production Progress - The manufacturing base has reached 70% completion, with key areas already topped out [3] - Xiaopeng Huitian expects to obtain the type certificate for its flying car by the end of 2025 or early 2026, which is crucial for commercialization [3]

今日有消息称，小鹏汽车考虑将其飞行汽车子公司小鹏汇天首发上市，小鹏汽车已邀请多家银行参与竞 标，以争取在小鹏汇天的IPO中担任角色，IPO可能在香港或美国进行。对此，小鹏汇天回应称，目前 公司没有具体可公布的信息。(智通财经) ...

Core Insights - The 2025 Shanghai Auto Show showcased a variety of flying cars, marking a significant shift in the automotive industry towards vertical takeoff and landing (eVTOL) vehicles [2][3] - Companies such as GAC, Xpeng, Chery, and others are entering the flying car market, indicating a growing interest and investment in this new transportation sector [2][3] - The future of transportation is expected to evolve into a three-dimensional model, integrating land, water, and air travel [2][6] Company Developments - Xpeng's flying car, the "Land Carrier," is in the critical phase of commercialization, with pre-sales expected to start in Q3 2023 and first deliveries anticipated in 2026 [3] - Chery has developed a modular flying car that can transform between flying and driving modes, having already completed its maiden flight [3][4] - GAC's flying car brand, GOVY, introduced the GOVY AirCar, which features L4 autonomous driving technology and is designed for versatile applications [4] Industry Trends - The flying car sector is seen as a key component of the emerging low-altitude economy, with applications in intercity travel, medical rescue, and logistics [5][10] - The integration of automotive and aviation technologies is leading to a shared supply chain, with a commonality rate of 60%-70% between electric vehicles and flying cars [7][8] - The development of solid-state batteries is a priority for many companies, with several planning to launch these technologies between 2026 and 2027 [7][8] Market Outlook - Morgan Stanley predicts that the global flying car market could reach $9 trillion by 2050, with China expected to account for over 20% of this market [10] - The Chinese government is actively promoting the low-altitude economy, with various provinces including low-altitude initiatives in their development plans [10][11] - The transition from traditional automotive manufacturing to becoming comprehensive mobility solution providers is underway, as companies adapt to the evolving landscape of transportation [11][12]

Group 1: Market Overview - The mechanical equipment index experienced a rise of +2.44% during the week of April 21-25, 2025, driven by technological innovations in humanoid robots and a rebound in engineering machinery sales, alongside a strengthened demand for self-sufficient semiconductor equipment [1] Group 2: Investment Recommendations - Recommended companies in the humanoid robot sector include Hengli Hydraulic, Best, Changsheng Bearing, Zhaowei Electromechanical, Mingzhi Electric, Jiechang Drive, Manstech, Donghua Testing, Landai Technology (automotive group), Shuanghuan Transmission, Top Group (automotive group), and Sanhua Intelligent Control (home appliance group) [2] - In the engineering machinery sector, recommended companies are Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [2] - For gas equipment, Hangyang Co., Ltd. is recommended; for machine tools, Yizhiming is suggested; and for 3C equipment, Opto, Bozhong Precision, and Quick Intelligent are recommended [2] Group 3: Humanoid Robot Developments - Tesla's Optimus is projected to reach a production volume of one million units by 2029 or 2030, with several thousand units expected to be operational in Tesla factories by the end of 2025 [3] - Domestic humanoid robots are advancing rapidly, with Xiaopeng's humanoid robot IRON showcasing impressive capabilities at the Shanghai Auto Show, including over 60 joints and the ability to mimic human postures [3] - The Kepler Bumblebee robot K2 demonstrated its ability to replace 1.5 workers in an industrial setting, with performance metrics such as "1-hour charging for 8 hours of operation" and a "30kg dual-arm load" [3] Group 4: Flying Cars and Low-altitude Economy - Xiaopeng Huitian has received approximately 4,000 orders for its split-type flying car since its first flight in November 2024, indicating strong demand [4] - EHang's EH216 series of unmanned aerial vehicles sold and delivered 216 units in 2024, with over 1,000 intention orders currently on hand, primarily from tourism and transportation sectors [4] - The low-altitude economy is expected to evolve from cargo to passenger transport, following a progressive strategy from closed pilot areas to open airspace [4] Group 5: Digital Printing Industry Trends - The demand for digital printing is responding quickly, enabling a "small batch, quick response, and diverse changes" supply chain for fast fashion [5] - The cost of digital printing processing is declining, enhancing its cost-effectiveness, while stricter environmental policies are pushing dyeing factories towards digital production models [5] - New installations of digital printing equipment are expected to maintain a growth rate of 20%-25% annually, with an increasing share of direct-to-garment printing equipment in the installation structure [5]

Core Viewpoint - GAC Aion's flying car, GOVY AirCar, is undergoing airworthiness certification and is expected to obtain the certificate by the end of next year [2] Group 1: Company Developments - GAC Aion has launched the GOVY AirCar, with its first multi-rotor flying car released in June 2023, followed by successful test flights and certifications throughout 2024 [2][3] - The company is preparing to release an upgraded model of the flying car mid-year and will start taking pre-orders, with initial deliveries planned for next year [3] Group 2: Industry Context - Guangdong province dominates the consumer drone market, holding 95% of the national share and 70% of the global market, while also leading in industrial drones with 54% and 40% respectively [4] - The low-altitude economy has been recognized in national policy, with plans to exceed 300 billion yuan in scale by 2026, including significant advancements in urban air mobility and low-altitude logistics [4] - Major automotive manufacturers, including GAC Group, are entering the flying car sector, contributing to the foundation of the low-altitude economy [5]

业内最近有消息传出，小鹏汽车旗下的飞行汽车公司小鹏汇天正在推进B2轮融资，现已敲定领投方，具有国资背景的产业基金也将加入。 据笔者了解，本轮融资将重点投向航空电池研发及广州智造基地产线建设，旨在加速其首款飞行汽车的量产进程。 导语：小鹏汽车旗下的飞行汽车公司小鹏汇天正推进B2轮融资，现已敲定领投方，具有国资背景的产业基金也将加入。 2400亿估值 4月首周取得"地面"新势力销冠的小鹏汽车（XPEV.N），空中eVTOL （electric Vertical Take-off and Landing，电动垂直起降飞行器）也取得新进 展。 从上述技术路径看，小鹏汇天正在探索不同于传统电动汽车的动力系统解决方案。其供应链选择，体现出对航空工业标准的适配性尝试。 技术方案部分确定的同时，更为关键的取证工作，也正在紧锣密鼓地推进。 根据中国民航局适航审定司消息，针对小鹏汇天飞行汽车的适航专用条件，已于2025年3月发布征求意见。 小鹏汇天近期亦对外公布了其动力系统的核心供应链布局。目前，小鹏汇天已与亿纬锂能（300014.SZ）签署低压锂电池合作协议，采用孚能科技 （688567.SH）研发的能量密度达400Wh/kg ...

《新粤商》：小鹏汇天发展过程中是否经历过"生死存亡"的危机？你当时做出了什么关键决策？ "我一直以来的梦想，就是造出哈利波特飞行扫把和黑猫警长飞行摩托一样的载人飞行设备。"小鹏汇天 创始人赵德力在4月8日接受南方财经《新粤商》采访的时候表示。 早在2013年，这个来自湖南洞庭湖旁的青年就怀揣着梦想投入了飞行器的研发，在东莞创立汇天科技， 用卖航模积累的2000万元启动资金，带领20人团队研发载人飞行器。 2020年9月，赵德力与小鹏汽车创始人何小鹏达成合作来到广州。同年9月，广州市政府发布《促进汽车 产业加快发展的意见》，提出"探索飞行汽车技术路线"，为赵德力等企业提供了政策导向。2024年6月 发布的《广州市低空经济发展实施方案》明确提出，将低空经济列为战略性新兴产业，为低空飞行适航 认证、空域管理提供政策便利，推动产业生态的构建。广州市发展改革委数据显示，2024年广州市拥有 低空经济相关企业超4000家，排名全国第二。 2025年4月1日，小鹏汇天宣布已与五大银行完成签约，获得12.6亿元的银团贷款。这是目前全球范围内 最大一笔用于飞行汽车生产的银团贷款。赵德力表示，这笔贷款将用于固定资产的投资，助力年 ...

Group 1 - The core focus is on the rapid development of low-altitude transportation services in Guangzhou, particularly through the introduction of flying cars like the GOVY AirJet, which has a range of 200 kilometers and can exceed 400 kilometers with solid-state batteries [1][2] - Gao Yu has signed a strategic cooperation agreement with Ruqi Mobility to accelerate the integration of flying cars into the transportation service ecosystem, promoting the commercialization of low-altitude travel services [1][2] - The low-altitude economy in Guangzhou is expected to expand significantly, with over 4,200 companies involved in this sector, positioning the city as a leader in the global low-altitude economy [3] Group 2 - The GOVY AirCar is being developed to meet short-distance travel needs, with ongoing testing for its two-seat version, enhancing intercity transportation efficiency [2][3] - By 2030, it is anticipated that flying cars will become a common mode of transportation in the Greater Bay Area, allowing users to summon a flying taxi via a mobile app [2][3] - Guangzhou's low-altitude economy is part of the "12218" modern industrial system, aiming to promote application landing through market-driven scenarios [3]