沃兰特在拼的，不只是飞起来

Core Insights - The eVTOL industry in China is at a critical juncture, where the ability to manufacture, deliver consistently, and operate compliantly will determine the future of companies like Volant [2][3] - Volant's approach involves a "hybrid supply chain" that integrates traditional aviation with new manufacturing technologies, aiming to create a sustainable ecosystem for low-cost delivery [3][5] Group 1: Supply Chain Dynamics - Volant's order numbers include both confirmed orders and expressions of interest, highlighting the pressure on the company to deliver despite not yet having type certification [3] - The hybrid supply chain connects traditional aviation and military systems with consumer electronics and drone technologies, but the real challenge lies in successfully integrating these diverse elements [3][4] - The conflict in operational rhythms between traditional aviation suppliers and consumer electronics creates a fundamental contradiction in development agility versus certification and mass production requirements [4] Group 2: Regulatory and Manufacturing Challenges - Achieving airworthiness certification is just the beginning; companies must also navigate airspace approvals and operational standards, which are constrained by limited regulatory personnel and a lack of mature standards for eVTOL [7] - The difference in manufacturing and regulatory paths between Volant and competitors like Joby Aviation highlights the importance of early alignment with certification processes to mitigate risks [8][10] Group 3: Cost Structure and Risks - The introduction of new manufacturing capabilities aims to reduce costs, but achieving aviation-grade reliability often necessitates expensive modifications and comprehensive oversight of suppliers [5] - Volant's reliance on traditional aviation suppliers, which constitutes about 70% of its supply chain, ensures safety but complicates efforts to reduce costs and integrate innovative solutions [5][11] Group 4: Industry Comparisons and Future Outlook - The "time debt" associated with Volant's hybrid supply chain reflects the need for future investments in system integration and quality assurance to meet market demands [11] - The collapse of companies like Lilium serves as a cautionary tale, emphasizing that leading technology and substantial orders do not guarantee commercial viability without successful certification and delivery capabilities [12]