Business Maverick: Chinese startup’s $140,000 car can fly over traffic jams

In the past months, China’s Xpeng Aeroht has staged two maiden public flights for its aircraft. The 90-second exercise near Dubai’s iconic Palm Jumeirah island in October was followed by another in Guangzhou, China — landmarks for the start-up backed by electric-vehicle maker Xpeng Inc.

The hype belies the reality that rival startups have grappled with for years. Companies including Lilium NV, Joby Aviation and Archer Aviation wowed investors with multibillion-dollar listings but are now trading near historic lows. Google co-founder Larry Page’s KittyHawkMost investors expect company closures and industry consolidation in the coming years, even as orders gradually increase, according to a study commissioned by Canada’s Horizon Aircraft published this month.

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