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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) 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.
EHang Holdings Limited (Nasdaq: EH) has partnered with the Spanish National Police to explore the use of autonomous aerial vehicles (AAVs) for emergency and security operations. This collaboration was announced during the Expodronica event in Madrid, where EHang showcased its EHang 216 passenger-grade AAV. The initiative aims to enhance public safety through trial flights and utilize AAV technology in various policing scenarios, including rescue missions and surveillance. EHang emphasizes the significance of this collaboration for advancing eco-friendly mobility solutions for the public sector.
EHang Holdings Limited (Nasdaq: EH) revealed its VT-30 dual-seat autonomous aerial vehicle at the Jiuzhou Airport, marking its entry into the inter-city air mobility sector. The VT-30 features hybrid lift capabilities, designed for a flight distance of 300 km and a duration of 100 minutes. EHang aims to enhance urban air mobility with this new model, complementing the existing EHang 216. The company received two awards recognizing its contributions to the UAV industry at the 2021 General Aviation Night event.
EHang Holdings Limited (Nasdaq: EH) has partnered with Shenzhen East General Aviation (HELI-EASTERN) to advance urban air mobility (UAM) operations in the Greater Bay Area, China. This collaboration aims to establish a pilot project for integrated airspace for both helicopters and AAVs, following the national transportation guidelines issued in February 2021. Demonstrations of flight operations were successfully conducted, showcasing the capabilities of EHang's 216 AAV alongside HELI-EASTERN's helicopter. This partnership marks a significant step in implementing EHang's 100 Air Mobility Routes Initiative.
EHang Holdings Limited (Nasdaq: EH) has announced its inclusion in the FTSE Russell Global Equity Index Series, effective after the close of business on September 17, 2021. This marks a significant achievement as it will be part of multiple indexes including the FTSE Global Small Cap Index and FTSE Global All-Cap Index. This recognition follows EHang's earlier inclusion in the MSCI China Small Cap and All Shares Small Cap Indexes. The company's CFO highlighted this as a testament to its business performance and growth potential, underscoring a commitment to long-term sustainable growth.
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