2024 is becoming an exciting year for EHang as the company continues to launch operations in the areas of Shenzhen and Guangzhou as well as other low-altitude economic (LAE) “model cities”.
A recent example took place on May 15th, where a 216‑S AAV was flown over Shenzhen’s Baishawan Park, marking the first eVTOL flight demonstration in the Dapeng New Area, reports China eVTOL News.
Hosted by the Dapeng New District Kuiyong office and carried out by Shenzhen’s Pengyou Flight Technology and International Intelligent Technology, the demo “marked an important step towards integrating advanced technologies, such as 5G, China’s BeiDou Navigation Satellite System, and intelligent air travel systems into various applications including urban commuting and emergency rescue,” explains the article.
Dapeng New District has been earmarked for eVTOL operations with plans to develop smart air systems, aircraft exhibitions, sales and low-altitude tourism to diversify the local region. The initiative follows Shenzhen’s 2023 strategy to develop a strong LAE economy, with several industrial plans already introduced.
Meanwhile, Dapeng has been proactive in promoting the LAE sector. Among the companies supporting the development is PengYou Flight Technology. According to media reports, the company is building vertiport sites and promoting eVTOL exhibitions, sales centres, aircraft maintenance hubs and automated duty hangars. The company is also developing intelligent air travel equipment, take-off and landing auxiliary safety systems and emergency command systems.
In collaboration with Shenzhen Mobile and other partners, Pengyou is leveraging the city’s Mobile’s 5G multi-frequency collaborative network and Beidou high-precision positioning to explore various applications such as air sightseeing, urban commuting, emergency rescue, flying car camps and medical transportation.
EH216‑S Flying over Shenzhen’s Baishawan Park
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Meanwhile, EHang’s growing success after gaining the all-important Type Certification late last year from the CAAC, is reflected in the company’s recently released Q1 results.
Overall Highlights
- Quarterly revenues increased by 178 percent Year-on-Year.
- Achieved Positive Operating Cash Flow for the Second Consecutive Quarter.
- Secured Production Certificate from CAAC, clearing path for mass production of EH216‑S.
- Growing Orders and Deliveries Boosted by Low-Altitude Economy Industry in China.
- Partnered with GBT for Ultra-Fast/eXtreme Fast Charging Batteries.
- Collaborated with GAC to Strengthen Capability for Future Production.
- Expanded International Partnership and Demo Flights in UAE, Spain, Costa Rica and Japan.
Financial and Operational Highlights
- Total revenues were RMB61.7 million (USD8.5 million), representing a substantial increase of 178 percent from RMB22.2 million in the first quarter of 2023, and an increase of 9.1 percent from RMB56.6 million in the fourth quarter.
- Operating loss was RMB65.8 million (USD9.1 million), representing a 13.1 percent improvement from RMB75.7 million in the first quarter of 2023 and a 12.4 percent improvement from RMB75.2 million in the fourth quarter.
- Net loss was RMB63.4 million (USD8.8 million), representing a 27.2 percent improvement from RMB87.0 million in the first quarter of 2023, and a 12.5 percent increase from RMB72.5 million in the fourth quarter.
- Cash and cash equivalents, short-term deposits and short-term investments balances were RMB323.8 million (USD44.9 million) as of March 31st.
- Sales and deliveries of EH216 AAV were 26 units, more than doubling 11 units in the first quarter of 2023, and compared with 23 units in the fourth quarter.
Examples of Recent Developments
- Secured Production Certificate from CAAC, clearing path for mass production of EH216‑S.
- Government Cooperation for Urban Air Mobility (UAM) in Wuxi, China with Conditional Purchase Orders for 100 Units of EH216‑S. The city will provide support for EHang’s future eVTOL operations across multiple use cases including passenger transportation, aerial sightseeing, firefighting and emergency. As part of the conditional purchase order, the company has delivered 10 units of EH216‑S to a customer in Wuxi during Q1.
- In January, EHang expanded its UAM project in Shenzhen to include Luohu district in addition to Bao’an district. The company forged a strategic partnership with the Bureau of Culture, Radio, Television, Tourism and Sports of Luohu District for jointly developing aerial tourism and transportation services with EHang’s autonomous eVTOL aircraft. A new UAM operation centre is planned to be set up in the Luohu Sports & Leisure Park this year.
- In February, EHang reached a strategic cooperation agreement with Guangzhou Automobile Company along with the Management Committee of Guangzhou Airport Economic Zone and the Administrative Committee of Guangzhou Economic and Technological Development District, for facilitating the high-quality development of the low-altitude economy in Guangzhou.
GAC is set to leverage its extensive expertise in smart manufacturing and its well-structured industrial chain to accelerate the future production, adoption and market expansion of EHang’s passenger-carrying eVTOL aircraft.
- Formed Strategic Partnership with GBT to Jointly Develop World’s First Ultra-Fast/eXtreme Fast Charging Batteries for eVTOL.
- Expansion in UAE — Sealed Strategic Collaboration with MLG and ADIO, Delivered 5 Units of EH216 Series and Completed Debut Flights in UAE.
- In Q1, EHang delivered 5 units of the EH216 series to Wings Logistics Hub, a customer from the United Arab Emirates with whom EHang had formed a long-term strategic partnership in December 2023 with a plan to purchase up to 100 units of the EH216 series.
Last month, EHang partnered with Multi Level Group, a leading fintech Company in the MENA region, and the Abu Dhabi Investment Office (ADIO) to drive eVTOL development in the UAE and beyond.
- EH216‑S successfully completed a demo flight in Abu Dhabi in April, marking the first of its kind for passenger-carrying pilotless eVTOL in the UAE and Middle East. The EH216‑F and EH216‑L also completed debut flights in the UAE, showcasing a variety of UAM use scenarios for pilotless eVTOL aircraft.
Huazhi Hu, EHang’s Founder, Chairman and CEO, enthused, “I am thrilled by the company’s continuing strong growth. The certification accomplishments, coupled with accelerated government support aimed at promoting the high-quality development of the low-altitude economy, have also spurred a surge in enquiries and orders from various entities in China and overseas, including governments and tourism operators. Consequently, we achieved a new record high in deliveries for 26 units of EH216‑S during the quarter as well as impressive revenue growth.”
Conor Yang, EHang’s Chief Financial Officer, remarked, “We exceeded our guidance of first-quarter revenue growth and delivered positive operating cash flow for the second consecutive quarter, underscoring an improvement in our financial situation.”
For the full financial Q1 results, please click on the link below:
https://ir.ehang.com/news-releases/news-release-details/ehang-reports-first-quarter-2024-unaudited-financial-results
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