XPeng Inc. (XPEV), the Chinese electric vehicle and flying car maker, saw its stock soar 5.00% on Wednesday in pre-market trading, likely driven by optimistic projections for the electric vertical takeoff and landing (eVTOL) industry in China by a prominent industry body.
According to a report released by the China Low Altitude Economic Alliance, the country's eVTOL market is expected to witness significant growth in the coming years. The report predicts that by 2030, China could have as many as 100,000 eVTOLs serving families and travelers, with the overall size of the low-altitude economy reaching over RMB 3 trillion.
XPeng's Aeroht subsidiary, which is developing a modular flying car, is well-positioned to capitalize on this burgeoning market. The report mentions that Aeroht has already received over 1,000 pre-orders for its flying car, even before official pre-sales have begun. With the company targeting mass production and delivery by 2026, XPeng's eVTOL ambitions are gaining traction.
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