GUANGZHOU, China, June 21, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, announced that it has signed a cooperation agreement with the government of Wencheng County, Wenzhou City, Zhejiang Province, to jointly develop UAM and supporting public service ecosystem for the low-altitude economy. Based on this cooperation, Wencheng County Transportation Development Group Co., Ltd. has signed a pu ...

Core Thesis - EHang is the first company in the world to receive certification for passenger-carrying electric Vertical Take-Off and Landing (eVTOL) aircraft, enabling mass production of its EH 216-S model [3][5] - The company is experiencing significant government support in China, which is expected to drive product sales and market expansion [6][12] Company Developments - EHang has achieved multiple regulatory certifications, including type certification, standard airworthiness certification, and production certificate, allowing for mass production [3] - The company is ramping up production and has begun delivering EH 216-S units to customers, with 23% of Q1 2024 sales attributed to international customers [3][4] - EHang is focusing on tourism and low-altitude transportation applications, with a potential market of 6,000 spots in China alone [4] Government Support - The Chinese government is actively promoting the eVTOL sector as part of its low-altitude economy strategy, with significant investments and policy support [6] - EHang has received commitments from regional governments for infrastructure development, including vertiports and purchase orders [6] - The company has signed a memorandum of understanding for the purchase of 50 EH 216-S units, with a conditional plan for an additional 450 units [6] Financial Performance - In Q1 2024, EHang delivered 26 units, showing sustainable growth, with guidance suggesting a return to over 50% quarter-over-quarter revenue growth [7] - The company expects to reach breakeven at an annual production rate of 200-250 units, with a current run rate of 160 units [10] - EHang has a solid cash position of approximately $45 million and has raised over $55 million through equity offerings [7][10] Market Position - EHang is the only certified eVTOL provider globally, giving it a competitive edge over more than 300 companies in the sector [10] - The company is developing new models, including the VT-30 for longer-range transport, which is currently preparing for certification [7][10] - EHang's market cap remains stable while its competitors have faced challenges, positioning it favorably for future growth [10][12]

Industry Overview - The flying car industry is emerging with a projected compound annual growth rate (CAGR) of 58.1% until 2040, indicating significant growth potential [1] Company Summaries Lilium (LILM) - Lilium is a German air taxi firm known for its all-electric vertical take-off and landing (eVTOL) aircraft, the Lilium Jet [2] - The company is expanding its operations in France and is in discussions with the French government for potential subsidies and loan guarantees [2] - Lilium plans to conduct its first flight tests with a pilot later this year and aims to launch commercial flights in Europe by 2025 [2][3] - Recently, Lilium signed a purchase agreement with eVolare for four Lilium Jets and received 20 orders from UrbanLink, which plans to start aerial transportation services in 2026 [3] Joby Aviation (JOBY) - Joby Aviation has established itself in the flying car market, securing significant investments of $400 million from Toyota Motors and $60 million from Delta Air Lines [4] - The company is set to deliver two eVTOL aircraft to the U.S. Air Force next year as part of a $131 million contract, strengthening its relationship with a reliable customer [4][5] - Joby has completed pre-production flight tests and is moving into the production prototype phase, with plans to launch air taxi services in the UAE as early as next year [5] EHang (EH) - EHang is a leading urban air mobility technology company based in China, focusing on eVTOL development, aerial media service, and logistics [6] - The company recently received a production certificate from the Civil Aviation Administration of China, marking a significant step towards mass production of its pilotless eVTOL aircraft model EH216-S [6] - Morgan Stanley analysts have set a price target of $27.50 per share for EHang, indicating a bullish outlook for the company [7]

Core Insights - EHang Holdings Limited announced the successful completion of its first autonomous air taxi flight using the EH216-S pilotless eVTOL aircraft in Mecca, Saudi Arabia, emphasizing safety and innovation [1][2] - The flight was conducted in collaboration with Front End Limited Company, showcasing the potential of pilotless eVTOL aircraft to transform transportation in the region [1][2] - The initiative aligns with Saudi Arabia's Vision 2030, aiming to enhance mobility, reduce congestion, and promote sustainability through advanced air mobility solutions [2] Company Overview - EHang is recognized as the world's leading urban air mobility technology platform, focusing on safe, autonomous, and eco-friendly air mobility solutions [4] - The company has achieved significant certifications, including the world's first type certificate and production certificate for passenger-carrying pilotless eVTOL aircraft from the Civil Aviation Administration of China [4] - EHang's mission includes providing unmanned aerial vehicle systems for various applications, including passenger transportation and smart city management [4] Partnership and Collaboration - The flight was supported by local authorities, including Saudi Arabia's General Authority of Civil Aviation and various ministries, highlighting the importance of public-private partnerships in advancing technology [1][2] - Front End's commitment to introducing innovative solutions in Saudi Arabia complements EHang's technological expertise, facilitating the integration of advanced air mobility into the aviation landscape [2][3] - The collaboration aims to establish a benchmark for regular advanced air mobility operations in Saudi Arabia, contributing to both regional and global markets [2]

GUANGZHOU, China, June 12, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, today announced that its EH216-S pilotless electric vertical takeoff and landing (“eVTOL”) aircraft completed its first autonomous air taxi flight in Mecca, Saudi Arabia. The autonomous flight, conducted with rigorous safety measures, underscores EHang's commitment to safety and innovation. Partnering with Front End Li ...

GUANGZHOU, China, May 31, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, today announced it has signed a memorandum of understanding (“MoU”) with Taiyuan Xishan Ecological Tourism Investment Construction Co., Ltd. (“Xishan Tourism”) to jointly develop the low-altitude economy in Taiyuan City, Shanxi Province, China. Concurrently with the signing of the MoU, Xishan Tourism has placed a purcha ...

GUANGZHOU, China, May 31, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, today announced it has signed a memorandum of understanding (“MoU”) with Taiyuan Xishan Ecological Tourism Investment Construction Co., Ltd. (“Xishan Tourism”) to jointly develop the low-altitude economy in Taiyuan City, Shanxi Province, China. Concurrently with the signing of the MoU, Xishan Tourism has placed a purcha ...

EHang Holdings Limited (NASDAQ:EH) Q1 2024 Earnings Conference Call May 20, 2024 8:00 AM ET Company Participants Anne Ji - Senior Director, Investor Relations Huazhi Hu - Founder, Chairman & Chief Executive Officer Zhao Wang - Co-Chief Operating Officer Conor Yang - Chief Financial Officer & Director of the Board Conference Call Participants Ting Song - Goldman Sachs Cindy Wang - Morgan Stanley Yu Chen - Haitong Securities Operator Good day, ladies and gentlemen, thank you for standing by. Welcome to EHang' ...

Exhibit 99.1 EHang Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results • Quarterly Revenues Increased by 260.9% YoY, 97.8% QoQ, Fiscal Year Revenues Increased by 165.0% • Maintained Stable and High Gross Margin • Achieved Positive Operating Cash Flow in the Fourth Quarter of 2023 • Obtained the World's First Pilotless Passenger-Carrying eVTOL Type Certificate ("TC") and Standard Airworthiness Certificate ("AC") for EH216-S from the CAAC • Moved Forward eVTOL Sales and Operations • Partne ...

Quarterly Revenues Increased by 178.0% YoYAchieved Positive Operating Cash Flow for the Second Consecutive QuarterSecured Production Certificate from CAAC, Clearing Path for Mass Production of EH216-SGrowing Orders and Deliveries Boosted by Low-Altitude Economy Industry in ChinaPartnered with GBT for Ultra-Fast/eXtreme Fast Charging BatteriesPartnered with GAC to Strengthen Capability for Future Production Expanded International Partnership and Demo Flights in UAE, Spain, Costa Rica and Japan GUANGZHOU, Chi ...