《中国民航报》、中国民航网 记者 刘九阳 报道：11月24日，先进空中交通（AAM）科技企业亿航智 能在泰国曼谷核心商业区成功完成城市无人驾驶载人飞行演示。泰国民航局局长Manat Chavanaprayoon 乘坐亿航EH216-S无人驾驶电动垂直起降航空器（eVTOL）体验飞行，成为全球首位搭乘该型航空器的 民航监管机构负责人。此次飞行是泰国AAM沙盒计划的重要里程碑，标志着东南亚城市空中交通向商 业化运营迈出关键一步。 泰国民航局局长Manat Chavanaprayoon在体验飞行后表示："空中出租车能将乘客从机场送往市区，也 能实现点对点通行，即便在泰国南部岛屿的旅游区，都能满足观光或旅行需求，为泰国人民和海外游客 提供更舒适、安全、便捷的选择。很多人好奇我为何信任自动驾驶技术，其实道理很简单——路面交通 事故大多源于司机而非车辆，航空领域亦是如此。通过提前设定安全航线，确保空中走廊无干扰，再加 上足够的安全冗余系统，就能大幅降低事故概率。"未来，泰国民航局将秉持监管与服务并重的原则， 不断开放更多的沙盒试点，完善AAM领域安全标准与运营规范，推动技术创新与行业监管协同发展。 亿航智能泰国运营商Ae ...

Core Insights - EHang Intelligent Holdings Limited showcased its flagship product, the EH216-S eVTOL, at the eVTOL Show USA in Silicon Valley, becoming the focal point of the event as the only invited Chinese tech company [1][5] Company Developments - EHang has achieved a total of 76,000 safe flights globally and is advancing urban air mobility (UAM) operations in key markets such as Spain, Japan, Thailand, UAE, and Saudi Arabia [2] - The company has established several milestones in the U.S. market, including being the first AAM tech company to list on NASDAQ in December 2019 and completing the first public flight of the EH216-S in the U.S. with FAA support in January 2020 [4] Industry Context - The eVTOL USA conference is one of the largest gatherings in North America focused on advanced air mobility, attracting numerous leading companies and over 500 representatives from government, industry experts, and media [5] - EHang's participation in the conference highlights its role in the global advanced air mobility ecosystem, fostering discussions on future developments in the industry [5][6] Product Innovations - EHang's EH216-S has received the "three certificates" of airworthiness from the Civil Aviation Administration of China (CAAC), and by March 2025, two airlines will obtain the first operational qualification certificates for manned unmanned aerial vehicles in China [6] - The company introduced a new generation long-range unmanned aerial vehicle, the VT35, in October 2025, which can cover various transportation scenarios and complements the EH216-S, indicating a comprehensive solution for advanced air mobility [6] Strategic Goals - EHang aims to leverage its breakthroughs in airworthiness certification and commercialization as a replicable success model for global advanced air mobility development, enhancing international cooperation and market confidence in its long-term growth [7]

Financial Data and Key Metrics Changes - Revenues decreased by $3 million primarily due to lower utilization in the Other Services segment, partially offset by higher revenues from new contracts [9] - Adjusted EBITDA remained consistent at $58 million, reflecting lower operating and administrative expenses that offset the seasonal revenue decline [10] - Available liquidity as of March 31 was approximately $254 million, with 86% of capital investments for new government services contracts funded [12] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues in Europe decreased by $4.5 million due to lower utilization in the UK, while revenues in Africa increased by $2.2 million and in the Americas by $1.9 million [10] - Government Services revenues increased by $3.4 million, primarily due to the Irish Coast Guard contract [11] - Other Services revenues decreased by $6 million due to lower seasonal activity in Australia and unfavorable foreign exchange impacts [11] Market Data and Key Metrics Changes - The company noted macroeconomic risks and uncertainty have increased, particularly due to U.S. tariffs on steel and aluminum imports affecting repair and maintenance costs [6][7] - Despite these challenges, the company maintains a positive outlook for its offshore Energy Services business, particularly for deepwater projects [8] Company Strategy and Development Direction - The company aims to lead in vertical flight solutions, focusing on the ongoing launch of search and rescue services and transitioning operations for government contracts [16][18] - The company is committed to sustainability and minimizing its environmental footprint while maintaining operational resilience [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in affirming financial guidance for 2025 and 2026, supported by stable cash flows from Government Services and the nature of offshore energy revenues [9][19] - The company anticipates continued investment in offshore activities, particularly in deepwater projects, despite current oil price fluctuations [52] Other Important Information - The company is involved in a project in Norway for zero and low emission aircraft, with demonstration flights expected to begin soon [32][46] - Incremental improvements in supply chain challenges have been noted, particularly for the S-92 fleet [44] Q&A Session Summary Question: Why is the company reaffirming guidance amid market uncertainty? - Management conducted a thorough review of the macro environment and customer conversations, leading to confidence in the guidance due to stable cash flows from Government Services and the nature of offshore energy revenues [25][26] Question: What are the benefits of the new long-term agreement with Sikorsky? - The agreement provides price visibility and stability for a significant portion of the S-92 fleet, enhancing business management capabilities [27] Question: What is the status of helicopter deliveries related to the Irish contract? - There have been supply chain challenges, but the company is confident in receiving the remaining helicopters needed for the contract [28][29] Question: Are there any updates on the EVTOR test arena in Norway? - The project is progressing well, with expectations for positive results leading to potential expansion of operations [46] Question: How is the company managing cost exposure in a higher tariff environment? - The majority of revenues are generated outside the U.S., and while there is some exposure to tariffs, it is not expected to materially impact financial performance [38] Question: What is the outlook for offshore activity given softening oil prices? - Currently, there are no tangible impacts on offshore activity, with deepwater projects well-positioned for continued investment [51][52]

Core Viewpoint - The U.S. has implemented a 25% tariff on all imported cars, significantly impacting the global automotive supply chain and forcing multinational car manufacturers to adapt to the new trade environment [2][3]. Tariff Implementation - The 25% tariff on imported passenger cars and light trucks took effect on April 3, 2024, with additional tariffs on auto parts starting no later than May 3, 2024 [3]. - Prior to this, the U.S. had a 2.5% tariff on imported passenger cars and a 25% tariff on trucks, which means the new rates increase to 27.5% and 50%, respectively [3]. - Approximately 50% of the 16 million new cars expected to be sold in the U.S. in 2024 will be imported, with Mexico being the largest supplier [3]. Impact on South Korean Automotive Industry - South Korea is one of the countries most affected by the U.S. tariffs, with automotive exports to the U.S. projected to reach $34.7 billion in 2024, accounting for nearly half of South Korea's total automotive exports [3][4]. - Hyundai Motor Group, as South Korea's largest automaker, faces significant challenges due to its reliance on imports, with nearly two-thirds of its light vehicles sold in the U.S. being imported [4]. Preemptive Measures by Automakers - In anticipation of the tariffs, automakers, including Hyundai, increased shipments of vehicles and parts to the U.S. in early 2024, leading to a 14.8% year-on-year increase in South Korea's automotive exports to the U.S. in February [5]. - The average inventory level of new cars in the U.S. rose to 89 days, indicating that many automakers have sufficient stock to withstand the initial impact of the tariffs [5]. Sales Performance - Despite the tariffs, Hyundai and Kia reported record sales in the U.S. for March 2024, with Hyundai's sales increasing by 10.1% year-on-year to 203,000 units and Kia's by 10.7% to 199,000 units [5][6]. Strategic Responses - Hyundai plans to maintain current vehicle prices in the U.S. to attract buyers and stabilize sales, contrasting with competitors who are raising prices [6]. - The company announced a significant investment of $21 billion in the U.S. from 2025 to 2028 to enhance local production and reduce reliance on imports [7][8]. Investment in Local Production - Hyundai's investment includes $9 billion to establish a production capacity of 1.2 million vehicles annually and $6 billion to increase the localization of auto parts, including electric vehicle components [8]. - The company aims to create over 8,500 jobs through its new electric vehicle factory in Georgia, which will also increase production capacity for electric and hybrid models [8][9]. Government Response in South Korea - The South Korean government announced a $2 billion emergency aid plan to support the automotive industry and stimulate domestic demand in light of the tariffs [10]. - Measures include a temporary reduction in the new car purchase tax and tax relief for affected companies [10]. Diversification Strategy - Hyundai is actively expanding into emerging markets such as India and Brazil to mitigate the risks associated with the U.S. tariffs [11]. - The company plans to leverage its recent IPO in India to increase investments and strengthen its position in the global automotive market [11].

将投中网设为"星标⭐"，第一时间收获最新推送 "我们国家的低空经济，可以说是由数个万亿级产业构成。" 整理丨鲁智高 来源丨 投中网 作为国家战略性新兴产业，低空经济近年来呈现爆发式增长，同时成为社会热议话题。 在以颠覆性技术重塑传统交通格局的过程中，具备突破地面交通时空限制能力的低空经济，不仅正在 重新定义交通的时间和空间，同时也在商业应用方面带来了极大的想象空间。 2 025年4月16-18日，由投中信息、投中网共同主办的第19届中国投资年会·年度峰会在中关村国际创 新中心隆重召开。活动现场，沃飞长空CEO兼首席科学家郭亮发表了题为"低空经济——重新定义交 通的时间和空间"的主题演讲。 "我们国家的低空经济，可以说是由数个万亿级产业构成。"郭亮认为，目前低空经济的全球主要参与 者是传统航空、汽车行业、互联网公司等三类玩家，"传统航空会用航空思维或技术基础研制航空 器，汽车行业会用汽车产业链或汽车工业基础制造新物种，互联网公司会用互联网思维去运行新的商 业模式。" 以下为郭亮现场演讲实录，由投中网整理： 非常高兴今天有这样一个机会，跟大家分享一下我们对于低空经济，特别是主机的认识，也汇报一下 我们近期的进展情 ...