China: EHang 216‑S AAV “Soars Over Shenzhen’s Baishawan Park, First eVTOL Flight in Dapeng New Area” + Q1 Results

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.

EHang, Greater Bay Tech­nol­o­gy Col­lab­o­rate “to Devel­op World’s First Ultra-Fast Charg­ing Bat­ter­ies for eVTOL Air­craft”

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.

EHang 216‑S, ‑L and ‑F AAVs “Com­plete UAE Demon­stra­tion Flights in Abu Dhabi”

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

For more infor­ma­tion

www.ehang.com

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