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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 Limited (Nasdaq: EH) has appointed Mr. Xin Fang as Chief Operating Officer, effective February 24, 2022. He will oversee daily operations, focusing on sales and commercialization of Urban Air Mobility services. Mr. Fang has over 20 years of experience in business administration and technology sales. He previously founded companies in IT solutions and tourism. The CEO, Huazhi Hu, emphasized that Mr. Fang's expertise will be pivotal as EHang advances its 100 Air Mobility Routes Initiative and aims to solidify its leadership in the UAM sector.
EHang Holdings Limited (Nasdaq: EH) has announced that the Civil Aviation Administration of China (CAAC) has adopted the Special Conditions for EH216-S AAV Type Certification, effective February 9, 2022. This certification lays the groundwork for EHang's compliance and safety measures for their EH216-S AAVs, covering aspects such as flight performance and system equipment. The company plans to deploy the EH216-S in low-altitude passenger-carrying operations within the Urban Air Mobility sector, reflecting its commitment to eco-friendly air transport.
EHang Holdings Limited (Nasdaq: EH) announced a significant pre-order from AirX Inc., a leading Japanese air mobility platform, for 50 units of the EH216 AAV. This marks EHang's largest pre-order in Japan, aimed at supporting various Urban Air Mobility (UAM) projects, including potential air taxi services for the 2025 World Expo in Osaka. AirX, known for its helicopter services, anticipates using the EH216 for cost-effective aerial sightseeing. EHang's partnership is crucial for expanding its UAM market presence in Japan and enhancing air transportation solutions.
EHang Holdings Limited (Nasdaq: EH) has launched the 5G Intelligent Air Mobility Experience Center in Guangzhou, marking a significant step in its 100 Air Mobility Routes Initiative. This center serves as a new operational hub for EHang's autonomous aerial vehicles (AAVs), equipped with essential infrastructure including a rooftop vertiport. The joint venture with Guangzhou Development District Communications Investment Group will facilitate local urban air mobility (UAM) route planning and operations. EHang aims to position Guangzhou as a model city for future air mobility solutions.
EHang Holdings Limited (Nasdaq: EH) reported its Q3 financial results with total revenues of RMB13.0 million (US$2.0 million), a 6.6% increase from Q2 2021. The gross margin is at 61.8%, down 6.2 percentage points from the previous quarter. Operating loss narrowed to RMB73.3 million (US$11.4 million). EHang conducted about 2,800 operational trial flights under its 100 Air Mobility Routes Initiative and achieved significant international partnerships aiming to establish UAM ecosystems. The company adjusted its 2021 revenue forecast, now expecting between RMB50 million and RMB60 million.
On November 29, 2021, EHang's 216 autonomous aerial vehicle successfully completed a five-minute flight demonstration in Bali, Indonesia, in collaboration with local partner Prestige Aviation. This event marks the EHang 216 as the first passenger-grade AAV approved for public demonstration in Indonesia. Notable attendees included Bambang Soesatyo, Chairman of the Indonesian People's Consultative Assembly. EHang's CEO expressed optimism about long-term business opportunities in Indonesia, highlighting the potential of AAVs for air transportation and tourism.
EHang Holdings Limited (Nasdaq: EH) has appointed PricewaterhouseCoopers Zhong Tian LLP (PwC) as its new independent registered public accounting firm, effective November 29, 2021. This change follows a thorough evaluation process and has been approved by the Audit Committee and Board of Directors. PwC succeeds Ernst & Young Hua Ming LLP (EY), which provided audit services without any adverse opinions for the years ended December 31, 2019, and 2020. The transition aims to enhance the transparency and integrity of EHang's financial reporting.
EHang Holdings Limited (Nasdaq: EH) will release its financial results for Q3 2021 on December 2, 2021, before U.S. market opens. A conference call with the management team is scheduled for 8:00 AM ET on the same day. Investors can register for the call using an online link and access conference details upon registration. An archived version of the call will be available on the company’s investor relations website until December 10, 2021. EHang is a leader in autonomous aerial vehicle technology, focusing on safe, eco-friendly air mobility solutions.
EHang Holdings Limited (Nasdaq: EH) has partnered with Shenzhen Expressway Operation and Development Company to enhance urban air mobility and integrate expressway networks. The collaboration focuses on deploying UAV command-and-control systems for applications such as road inspections and emergency rescues. This initiative is part of EHang's 100 Air Mobility Routes Initiative, aiming to innovate smart city transportation solutions. Both parties have established an AAV command-and-control platform, laying a technological foundation for future advancements in the urban air mobility sector.
The 130th China Import and Export Fair commenced on October 14, 2021, in Guangzhou, with Chinese Premier Li Keqiang attending and visiting EHang's booth. EHang showcased its autonomous aerial vehicle (AAV) solutions, highlighting their eco-friendly benefits for tourism, logistics, and emergency services. Premier Li urged EHang to prioritize product safety and competitiveness, emphasizing the role of innovation in national success. This year's participation marks EHang's debut at the Canton Fair, a significant platform for international trade, as the company aims to promote urban air mobility.
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