Xpeng Aeroht has signed pre-order contracts with two companies for 150 modular flying cars worth nearly RMB 300 million ($42.8 million).

Xpeng Aeroht, the flying car subsidiary of Xpeng (NYSE: XPEV), said it has secured new pre-orders worth nearly RMB 300 million ($42.8 million) for its modular flying car.

The eVTOL (Electric Vertical Takeoff and Landing) maker entered into strategic partnerships with Gaozhi Aviation and Aocheng Aviation -- two companies based in Hangzhou, Zhejiang province -- and signed pre-order contracts for 150 modular flying cars, according to a statement today.

The contract was signed during the third Global Digital Trade Expo, held September 25-29 in Hangzhou, where Xpeng Aeroht conducted flight demonstrations with its Voyager X2 flying car.

The two Hangzhou-based companies are dedicated to providing air travel services to high-end users and have a rich clientele in the Yangtze River Delta region, Guangzhou-based Xpeng Aeroht said.

They will in the future support Xpeng Aeroht's flying cars with airspace approvals, flight license training, and organization of user events in Zhejiang province, according to the statement.

Founded in 2013, Xpeng Aeroht is a technology division majority-owned by Guangzhou-based Xpeng and its chairman and CEO, He Xiaopeng.

Aeroht's flying car development path would include the eVTOL flying car and the modular flying car, Xpeng said at its October 24, 2023, Tech Day event.

The modular flying car consists of a flying car, as well as a parent vehicle that can recharge that flying car.

Xpeng Aeroht will begin pre-sales of the modular flying car at the end of 2024, with mass production and deliveries in 2026, and will be priced at no more than RMB 2 million, its founder and president, Zhao Deli, said in a September 3 event.

The company held a closed-door meeting with a number of key partners on September 4, when it said it had received more than 1,000 pre-orders for its modular flying car.

Xpeng Aeroht aims to start delivering modular flying car in 2026 for less than $280,000

($1 = RMB 7.0111)