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

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The crowd of hundreds roared in Mandarin as the gull-winged two-seater aircraft rose and hovered roughly 30m above their heads, before smoothly lowering back down to Earth. “Make us Chinese proud in Dubai!” several of the more enthusiastic shouted in ...

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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