Govy Technology Raises Over $119 Million, Displacing GAC Group as Largest Single Shareholder, Plans Taizhou Production Base
Why It MattersThe funding round underscores intensifying capital competition among Chinese eVTOL developers, as regional governments and outside investors take larger ownership stakes from founding automakers.
Chinese flying car developer Govy Technology has raised more than CNY800 million (USD119.2 million) since the start of this year, diluting auto giant GAC Group's direct stake and displacing it as the startup's largest single shareholder. Updated business registry records show Govy brought in 12 external investors from provinces including Zhejiang and Hainan in its latest round, with Chenxi Kaiyuan Yuntu Venture Capital Partnership, controlled by a capital operation firm backed by the Taizhou municipal government, taking a 23.1 percent stake and replacing GAC Group as the top shareholder. GAC Group's holding was diluted from 34.7 percent to 22.7 percent.
Govy was incubated by GAC Group in 2024, and most of its core management team came from the Guangzhou-based automaker, which owns brands including Aion, Trumpchi and Hyptec. The proceeds will fund Govy's planned intelligent flying-car production base in Taizhou and its expansion across the Yangtze River Delta, along with aircraft research and development, airworthiness certification, mass-production facilities and corporate operating systems. On September 24, Taizhou Daily reported that Govy signed an agreement with local authorities to build a regional headquarters, a production base for flying cars and key components, and flight test and evaluation facilities in Taizhou.
Govy's fundraising comes amid a broader capital push across China's flying car sector. Volant Aerotech raised CNY3.2 billion (USD475.3 million) in the first half of this year, while Xpeng's Aridge, CATL-backed AutoFlight, and Geely Technology Group's Aerofugia each secured between CNY1 billion and CNY1.5 billion over the same period. Industry analysts noted that eVTOL development is highly capital-intensive, with spending of more than CNY5 billion on research, development and testing considered reasonable. GAC Group previously stated that Govy had designed annual production capacity of 100 aircraft and planned to complete airworthiness certification by the end of this year, though industry players said most companies in the sector remain uncertain whether they can obtain necessary permits by the end of 2026.
