Flying cars might sound like science fiction, but Xpeng Inc. (XPEV) is treating them like serious business. The Chinese electric vehicle maker has reportedly brought on Morgan Stanley and JPMorgan Chase to prepare its flying car division, Aeroht, for a public listing in Hong Kong.
Wall Street Gets Involved
According to a Bloomberg report citing sources familiar with the matter, Xpeng has enlisted two of Wall Street's heavyweight banks to handle the potential IPO. The report noted that plans could still shift, and that banks were actually invited last year to pitch for listings in either Hong Kong or the United States.
Neither Xpeng, JPMorgan, nor Morgan Stanley immediately responded to requests for comment on the reported arrangement.
Beyond Just Making Cars
The IPO preparations align with CEO He Xiaopeng's broader vision for the company. He's been vocal about pushing Xpeng beyond the traditional automaker label, emphasizing what he calls "physical AI" capabilities that span robotaxis and humanoid robots.
Speaking of robotaxis, He confirmed that Xpeng's autonomous taxi service is heading into trial phases soon, with plans to launch commercially in 2026. The service will operate through Alibaba Group Holding Limited's (BABA) Amap mapping platform, giving it access to one of China's most popular navigation apps.