27.5亿美元海外大单之后，eVTOL继续“探路”

Core Insights - The 2025 International Low Altitude Economy Expo highlighted the challenges and opportunities in the eVTOL industry, particularly for companies like EHang, which has achieved significant milestones but faces operational and regulatory hurdles [2][3][4] - Chinese eVTOL companies have secured substantial overseas orders, including a record $1.75 billion deal with Volant Aerospace and a $1 billion order from a UAE company, indicating strong market interest [2] - The industry is transitioning from merely manufacturing aircraft to addressing systemic challenges related to sustainable, compliant, and profitable operations, including route planning and regulatory coordination [2][4] Company Insights - EHang has obtained the world's first eVTOL model type certificate (TC), production certificate (PC), and airworthiness certificate (AC), establishing its leading position in the industry [3][4] - Despite holding these certifications, EHang's operational capabilities are currently limited to specific routes, such as scenic flights within designated areas, rather than urban air mobility [3][4] - The lengthy certification process restricts technological advancements, as any changes to core components require additional approvals, impacting the company's ability to innovate [4] Industry Challenges - The eVTOL industry faces significant entry barriers due to stringent airworthiness standards and high R&D costs, which dictate the future viability of companies based on their initial technology and business model choices [5] - The shortage of qualified personnel for airworthiness certification is a critical constraint, with only about 400 certifying personnel available for over 700 drone manufacturers in China [8][9] - The lack of established standards for eVTOLs complicates the certification process, requiring tailored agreements between regulators and companies [9] Regulatory Environment - Airspace management remains a complex issue, particularly in densely populated areas like Shanghai, where existing airspace is heavily regulated and requires careful planning for low-altitude operations [10][11] - The legal framework governing low-altitude economics is still developing, leading to fragmented regulations across different regions, which can hinder operational efficiency [11][12] Future Directions - The focus of the low-altitude economy is shifting from aircraft manufacturing to building a comprehensive industry ecosystem, emphasizing the importance of legal and financial frameworks [12][15] - Companies are exploring various business models, with a trend towards starting with cargo operations before moving to passenger services, as seen with Meituan's successful drone delivery operations [13][14] - The establishment of a robust supply chain and core component ecosystem is essential for the long-term sustainability of the eVTOL industry [15]