Electric vehicles, flying cars capture family office's attention
Single family office Click Ventures, based in Singapore and Hong Kong, is actively monitoring and seeking investment opportunities in the electric vehicle (EV) sector.
Click Ventures
“We are extremely interested in this sector because if you look at the entire supply chain and ecosystem of EVs, beyond just the vehicles, there are numerous investment opportunities,” said Carman Chan founder and managing partner at Click Ventures, speaking to AsianInvestor.
Electric vehicles are hitting the roads in unprecedented numbers, and the entire industry is gaining momentum in 2024. With government policies and significant investments driving EV production, interest in this market is surging among investors.
The numbers tell the story.
According to the International Energy Agency, in the first quarter of 2024, electric car sales grew by around 25% compared with the first quarter of 2023, similar to the year-on-year growth seen in the same period in 2022.
In 2024, the market share of electric cars could reach up to 45% in China, 25% in Europe, and over 11% in the United States, underpinned by competition among manufacturers, falling battery and car prices, and ongoing policy support, said the report. 
Investment trends in the space are increasingly focusing on innovative technologies, including battery advancements and AI integration, as stakeholders seek to capitalise on the growing demand for sustainable transportation solutions.
“There are significant opportunities in EV-related technologies, such as battery advancements, charging infrastructure, and cybersecurity,” said Chan.
“We see potential in two- or three-wheeled vehicles, as well as electric vehicles designed for specific use cases, like commercial purposes. There’s also significant opportunity in related technologies, such as battery advancements, charging infrastructure, and cybersecurity.”
AUTONOMOUS VEHICLES
Autonomous vehicles (AVs) in the EV sector represent another significant trend, with some calling it a technology poised to reshape the future of transportation.
A 2023 report from McKinsey on the Future of Mobility talked about the massive market opportunity in this space. Passenger car advanced driver-assistance systems and autonomous driving systems could create $300-$400 billion in revenue by 2035, according to the report.
Chan agrees with these projections on the opportunity set.
“I believe the next phase of disruption will likely come from autonomous vehicles in the EV sector,” she said.
She also holds the view that the convergence of EVs and AVs could lead to new business models such as ride-sharing services, where consumers can access autonomous electric vehicles on demand, reducing the need for individual car ownership.
CHINA’S MASS ADOPTION
In 2023, China accounted for over half of global EV sales. The trend continues in 2024, with six of the top 10 best-selling EV brands worldwide coming from China.
China is also swiftly establishing itself as the world leader in electric vehicles, with its pioneering automakers reshaping the nation into a formidable EV powerhouse.
According to Chan, the country is at a rapid pace moving towards mass adoption of the technology. Notably, some manufacturers are developing hybrid convertible models that transition between traditional cars and flying drones.
“This innovation is exciting in light of China’s recent regulatory framework supporting the low-altitude economy, established last year,” said Chan.
China's low-altitude economy regulation governs the development and use of airspace below 1,000 metres, enabling commercial activities such as drone logistics, urban air mobility, and tourism.
The government is working to streamline policies, boost infrastructure, and attract private investment to unlock the potential of this emerging sector while ensuring safety and airspace management.
“These vehicles are not just for luxury; they aim to provide affordable intercity transportation, with very reasonable fares,” added Chan.
In May 2024, tech giant Baidu confirmed the launch of its sixth-generation self-driving taxi in China. At the same time, it also revealed that its Apollo Go robotaxi arm is close to breaking even and likely to turn a profit in 2025. This would make it the world’s first profitable autonomous ride-hailing platform.
“The plan is clearly to prepare for mass adoption, with intercity flying car travel currently in a testing phase. Once the testing is complete, it will likely expand to many cities. So, it’s an exciting development to watch,” said Chan.
The numbers are in favour of China here. In 2024, the projected revenue in China's EV market is expected to reach a staggering $376.4 billion — highlighting the country’s dominant position in the global EV industry.
China’s intercity flying taxis, alongside its advanced high-speed rail network, are transforming urban connectivity.
“This dual investment in air and ground transport is not just about mobility,” noted Chan. “It’s about creating an integrated ecosystem that fosters economic growth.”
By enhancing efficiency and accessibility, China is paving the way for seamless travel, making it easier for people to move between cities. These initiatives are setting the stage for an era where air and land transport converge, driving industrial progress and meeting the evolving needs of its population.