Shares of XPeng Inc. (XPEV), a leading Chinese electric vehicle and flying car maker, soared 5.09% in pre-market trading on Wednesday. The rally was driven by optimistic projections for the electric vertical takeoff and landing (eVTOL) industry in China, as outlined in a report released by the China Low Altitude Economic Alliance.

The report predicts that by 2030, China could have as many as 100,000 eVTOLs serving families and travelers, with the overall size of the low-altitude economy reaching over RMB 3 trillion. This bullish outlook has significant implications for XPeng's Aeroht subsidiary, which is developing a modular flying car and has already received over 1,000 pre-orders before official pre-sales have begun.

According to the industry body, in roughly two to three years, air traffic networks and ground flight service facilities in China's major cities will be largely completed, paving the way for the commercialization of eVTOLs on a large scale. The report also suggests that the price of eVTOLs will gradually decrease from the current RMB 10 million level, making them more accessible to a broader market.