Chinese EV Maker Xpeng Bags Flying Permit

Chinese electric vehicle upstart XPeng Inc XPEV Aeroht won a special flight permit from the Civil Aviation Administration of China, the country's counterpart to the U.S. Federal Aviation Administration, TechCrunch reports.
Aeroht's X2 electric vertical can take off and land aircraft to fly with a pilot under particular conditions.
Aeroht looked to launch a series of manned flying tests to accumulate data for future mass production.
Aeroht's X2 is a two-seat, carbon fiber quadcopter without wheels. However, the firm's next-generation aircraft appears to be a sedan with wings.
For now, X2 is capable of "future low-altitude city flights and is perfect for short-distance city journeys like sightseeing and medical transportation."
It can be operated manually or in an autonomous mode. The model has flown over 3,000 tests since its maiden flight in June 2021.
Aeroht is one of two ventures that have come out of nine-year-old Xpeng and pocketed over $500 million in a Series A round in October 2021.
Xpeng Robotics raised a $100 million Series A round last July.
Xpeng pushed back its profit goal until 2025 after a disappointing 2022.
Xpeng battled a price war with Chinese EV maker BYD Co, Ltd BYDDF BYDDY.
Price Action: XPEV shares traded higher by 0.45% at $11.18 premarket on the lat check Thursday.