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EHang Holdings Limited (EH) is a trailblazer in the Urban Air Mobility (UAM) sector, spearheading the development of Autonomous Aerial Vehicle (AAV) technology. Established in April 2014 and headquartered in Guangzhou, China, EHang aims to revolutionize air transportation by making it safe, autonomous, and eco-friendly. The company has a global presence with branches in Beijing, Shanghai, and San Francisco, and employs around 200 dedicated professionals.
EHang's core products include the EH216 series, which consists of the EH216-S for passenger transportation, the EH216-F for high-rise firefighting, and the EH216-L for aerial logistics. These electric vertical takeoff and landing (eVTOL) aircraft are designed to offer scalable solutions for air mobility, smart city management, and aerial media applications. EHang's EH216-S has achieved groundbreaking milestones by obtaining the world's first Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC) from the Civil Aviation Administration of China (CAAC).
In recent developments, EHang has expanded its operations globally, marking significant achievements in the UAE, Japan, Spain, and Costa Rica. The company has forged strategic partnerships with local governments and organizations to develop eVTOL infrastructure and commercial UAM routes. In China, EHang has collaborated with various municipal governments to foster the growth of the low-altitude economy, which is poised to become a key national strategic emerging industry. Noteworthy partnerships include agreements with the Hefei Municipal Government, Wuxi local government, and Guangzhou Automobile Group.
Financially, EHang has shown robust growth, with a significant increase in revenues driven by higher sales volumes of its EH216 series. The company reported total revenues of RMB56.6 million for Q4 2023, a year-over-year increase of 260.9%. Despite facing net losses, EHang has improved its financial position through strategic investments and favorable government policies aimed at promoting the low-altitude economy.
Looking ahead, EHang is focused on mass-producing its EH216-S and expanding its commercial operations. The company is also working on developing ultra-fast charging battery solutions for its eVTOL aircraft, in collaboration with Guangzhou Greater Bay Technology Co., Ltd. With a vision to make autonomous aerial vehicles a common part of everyday life, EHang continues to explore the skies, pushing the boundaries of urban air mobility.
EHang Holdings (Nasdaq: EH) has announced a strategic partnership with Changan Automobile to develop flying cars and eVTOL aircraft. The collaboration will focus on research, development, manufacturing, sales, and operation of flying car-related products. Changan Automobile plans to invest over 20 billion yuan in the low-altitude economy sector over the next five years, and more than 100 billion yuan over the next decade for integrated mobility solutions.
The partnership aims to combine EHang's expertise in aerial vehicles and low-altitude flight management with Changan's manufacturing capabilities and automotive market presence. The companies plan to establish a joint venture focused on future mobility ecosystem technologies, targeting the C-end customer base. According to CAAC data, China's low-altitude economy exceeded 500 billion yuan in 2023 and is expected to reach 2 trillion yuan by 2030.
EHang Holdings (Nasdaq: EH) has announced a US$30 million Share Repurchase Program over the next 12 months for its American Depositary Shares or ordinary shares. The repurchases will be executed through open market transactions, private negotiations, block trades, or other legal means at prevailing market prices. The program's timing and volume will be determined by management based on market conditions, working capital requirements, and other factors. The company plans to fund the buyback using existing cash and operational cash flow.
EHang reported record-high Q3 2024 financial results with revenues reaching RMB128.1 million (US$18.3 million), up 347.8% YoY. The company delivered 63 units of EH216 series products, its highest quarterly delivery volume. Gross margin was 61.2%. The company achieved adjusted operating income of RMB9.0 million and adjusted net income of RMB15.7 million. EHang secured strategic PIPE investment over US$22 million and maintained positive operating cash flow for the fourth consecutive quarter. The company made significant progress in various Chinese cities, establishing UAM hubs and securing new orders from KC Smart Mobility and Sunriver.
EHang Holdings (Nasdaq: EH) has signed a cooperation agreement with Sunriver (600576.SH) for expanding into China's cultural tourism market. Sunriver plans to purchase 50 units of EH216-S pilotless passenger-carrying aircraft, with an initial order of 5 units for aerial tourism. The aircraft will be deployed across Sunriver's 40+ tourist attractions in China, including notable locations like Bailong Elevator and Huanglong Cave. Sunriver has established a dedicated subsidiary, Sunriver General Aviation, to implement aerial sightseeing services using EHang's eVTOL aircraft. EHang will provide technical support and operational guidance to help create smart low-altitude tourism models.
EHang Holdings announced a strategic investment of over US$22 million from Zhuhai Enpower Electric and a UAE-based strategic institutional investor. Both investors agreed to a 180-day lock-up period. Enpower's investment builds on their partnership to co-develop electric motor drive systems for EHang's eVTOL aircraft. The UAE investor, representing one of EHang's largest international markets with 100 units ordered and 5 delivered, will support expansion in the Middle East and Southeast Asia. This brings EHang's total 2024 financing to nearly US$100 million. The funds will support next-generation technologies, production scaling, team expansion, new facilities, and corporate activities.
EHang Holdings (Nasdaq: EH) announced a breakthrough in solid-state battery technology for its EH216-S eVTOL aircraft, developed in collaboration with Inx Energy Technology. The aircraft completed a 48-minute continuous flight test, marking the first pilotless passenger-carrying eVTOL to fly with a solid-state battery. The new battery technology improves flight endurance by 60%-90% with an energy density of 480Wh/kg. The battery features enhanced thermal stability, reduced flammability, and improved maintenance-free qualities. EHang aims to achieve large-scale production of certified solid-state batteries for the EH216-S by the end of 2025, with plans to extend flight time to 60 minutes.
EHang Holdings (Nasdaq: EH) launched its second UAM Hub at Luogang Central Park in Hefei, spanning 1,963 square meters and designed to accommodate 10-20 EH216-S aircraft. The hub features zones for ticketing, passenger waiting, boarding, command-and-control, charging, and maintenance. It will be operated by Hefei Heyi Aviation, complementing another UAM operation center opened in May 2024. The Hefei Municipal Government released a plan to establish a three-level infrastructure network for low-altitude takeoff and landing. In Q3 2024, EHang delivered five EH216-S units to Hefei, with the first Air Operator Certificate expected within this year.
EHang Holdings (Nasdaq: EH) has announced a strategic partnership with Zhuhai Enpower Electric (SZ300681) to jointly develop high-performance electric motors and motor controllers for EHang's eVTOL aircraft. The collaboration aims to create customized electric motor drive systems meeting civil aviation authorities' requirements. Enpower's 'integrated core' technology will be used to develop lighter, more powerful, and better-cooled motor solutions with broader compatibility across EHang's eVTOL models. This partnership combines Enpower's electric power systems expertise with EHang's eVTOL leadership to advance Urban Air Mobility technology.
EHang Holdings announced that its EH216-S pilotless eVTOL aircraft completed debut passenger flights in Thailand at Bangkok's Queen Sirikit National Convention Center, marking its expansion to the 18th country globally. With permission from Thailand's Civil Aviation Authority (CAAT), EHang plans to conduct flight tests and launch commercial operations in regions like Phuket and Koh Samui by 2025. The demonstration flights, conducted over three consecutive days, included passengers from Sky Image Tech and Bangkok Airways. The CAAT plans to open flight tests for certified eVTOLs in various locations and aims to commence commercial operations in specific areas by 2025.
EHang Holdings (Nasdaq: EH) has formed a strategic partnership with the Civil Aviation Flight University of China (CAFUC) to develop professional talents for unmanned aerial vehicles (UAVs). The collaboration aims to address China's estimated talent shortage of up to 1 million in the low-altitude economy sector. The partnership will focus on training operators and maintenance staff for EHang's pilotless eVTOL aircraft, particularly the EH216-S model, which recently received three CAAC airworthiness certificates. The program will combine academic education with vocational training, enabling graduates to obtain both basic large UAV licenses and specific EH216-S operator licenses.
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