Benzinga | Oct 19, 2021 05:02PM EDT

What The XPeng CEO Thinks About China's NEV Market Growth

The CEO of electric car manufacturer XPeng Inc - ADR (NYSE:XPEV) He Xiaopeng said China's new energy vehicles (NEV) are expected to make up over 35% of new vehicle sales in China in 2025.

China is promoting NEVs, including battery-electric, plug-in hybrid and hydrogen fuel cell vehicles, to combat pollution and support the country's car technologies.

In a recent automotive summit, Xiaopeng said, "This year's overall NEV sales slightly exceeded our expectations. Given the current sales performance, I'm actually more confident about the industry's NEV penetration rate growth in 2025. "

Earlier in October, the China Association of Automobile Manufacturers (CAAM) said that NEV sales in China are likely to rise to 3 million units in 2021, up from 1.4 million last year. The NEV sales made up 11.6% of China's overall market in the first nine months this year.

Xpeng's HT Aero raises over $500 million, aims to roll out in 2024.

The flying car company HT Aero backed by XPeng, has raised more than $500 million from outside investors.

HT Aero founder and President Zhao Deli have said that the company's next-generation model will be a "fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving."

The company is planning for an official roll-out of the new vehicle in 2024.

The new funding round was led by high-profile venture capital firms IDG Capital and 5Y capital, as well as XPeng. Other investors include Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

HT Aero is one of the earliest pioneers in the flying vehicle sector and is one of the few private enterprises in China's aviation sector with a proven track record of safe flights.

Photo courtesy: Jengtingchen via Wikimedia