Xpeng Motors plans to spend RMB 3 Billion ($413 Million) on its electric vertical lift-off and landing (eVTOL aircraft) business this year. The company also plans to operate a manufacturing plant with a capacity of 10,000 units by next year, said He Xiaopeng, the Chief Executive. He announced at a forum organized by EV100 in Beijing that the factory in Guangzhou will be capable of mass producing flying cars. The Chinese electric vehicle manufacturer expects that the global eVTOL market will reach $2 trillion in the next 20 years, which is one-fifth the car market worldwide. Xpeng Aeroht is a subsidiary of the Chinese automaker and submitted an airworthiness application to the Civil Aviation Administration of China last March for its modular flying vehicle, the Land Aircraft Carrier. It has a flight distance of less than 30 km (19 miles).[TechNodereportinghttp://chinastarmarket.cn, in Chinese]