Core Viewpoint - The recent eVTOL collision incident during the Changchun Airshow rehearsal highlights significant safety concerns in the low-altitude aviation industry, prompting calls for improved safety measures and reliability in eVTOL designs [1][6][7] Company Summary - Xiaopeng Huitian's mass-produced eVTOL products will be equipped with an intelligent collision warning system, which was not activated during the airshow rehearsal due to the execution of special flight maneuvers [2][3] - The company completed a $250 million Series B financing round in July 2023, and its "land carrier" flying vehicle production license application has been accepted by the Civil Aviation Administration of China [1][4] - Xiaopeng Huitian is Asia's largest flying car company, with plans to complete its first mass production factory by Q4 2023 and aims to deliver the "land carrier" by 2026, having already received over 4,000 pre-orders [4][3] Industry Summary - The incident has raised public concerns about eVTOL flight safety, emphasizing the need for dynamic environmental awareness and collision avoidance capabilities in eVTOL operations [6][8] - The low-altitude economy's development is shifting focus from rapid expansion to ensuring safety and stability, with regulatory bodies emphasizing the importance of risk control and safety in low-altitude applications [7][8] - Industry experts suggest that while flying cars attract attention, they represent only a small part of the low-altitude economy, which requires stringent safety standards and regulations to ensure successful implementation [7][8]

9月16日下午，正在参加长春航展的eVTOL厂商小鹏汇天，两架eVTOL在起飞后相撞。 21世纪经济报道记者向小鹏汇天求证，对方表示，9月16日下午，广东汇天通航在长春航展预演结束 后，参与双机编队演练的两架飞行器因飞行间距不足发生接触，其中一架飞行器正常降落，另一架飞行 器在着陆时发生机身受损起火。现场人员安全，相关部门已有序完成现场处置工作。具体原因正在进一 步调查中。 资料显示，小鹏汇天是亚洲规模最大的飞行汽车公司，是小鹏汽车的生态企业。今年7月，小鹏汇天完 成2.5亿美元B轮融资，此轮融资将用于确保小鹏汇天飞行汽车研发、规模量产和商业化进程的顺利实 现。 9月17日，低空经济相关概念股并未出现大幅波动，低空经济指数（8841750.WI）涨3.64%，小鹏汽车 （09868.HK）港股股价涨1.38%，可见事件并未影响到资本市场对低空经济的信心。 eVTOL是当前低空经济的核心载体，近年来受到政策和资本的双重推动，发展速度有所提升，其噪音 水平、飞行灵活性和运营成本均要明显优于传统直升机。 但不可否认的是，eVTOL仍处于产业化的初期，还需要经历更多的试验和市场考验。此次事件虽为意 外，但为新兴的eV ...

Core Viewpoint - The collision incident involving two eVTOL aircraft from Xiaopeng Huitian during a rehearsal at the Changchun Airshow raises concerns about the company's ability to meet its 2026 mass production and delivery goals, casting a shadow over the emerging low-altitude economy industry [2][3][8]. Company Overview - Xiaopeng Huitian, established in 2020, is a prominent startup in the low-altitude economy sector, originally founded by Zhao Deli in 2013 as Dongguan Huitian. The company is backed by Xiaopeng Motors, which holds a controlling stake [3][6]. - The company has undergone two product iterations, with its main products categorized into "land carrier" modular flying cars, high-speed long-range flying cars, and integrated flying cars. The "land carrier" modular flying car is closest to mass production [3][4]. Product Details - The "land carrier" modular flying car features a decoupled design between the flying vehicle and the ground vehicle, equipped with an automatic separation and integration mechanism. The ground vehicle is a six-wheeled design that utilizes an 800V high-voltage silicon carbide range-extending power platform [4][6]. - Xiaopeng Huitian has received nearly 5,000 pre-orders, with 2,008 units ordered from 12 different customers across various industries. The company plans to break ground on its manufacturing base in October 2024, aiming for an annual production capacity of 10,000 units [6][8]. Safety and Regulatory Aspects - The incident highlights the importance of maintaining proper flight spacing, as the two aircraft collided due to insufficient distance during a formation flight. The civil aviation industry has strict regulations regarding flight spacing to ensure safety [8][9]. - Xiaopeng Huitian aims to complete the type certificate (TC) approval for its flying vehicle model (X3-F) by the end of this year, which is a critical step in the certification process for civil aircraft [6][11]. Industry Impact - The collision incident has raised public concerns about the safety of eVTOL aircraft, potentially affecting consumer confidence and the broader low-altitude economy sector. The incident serves as a reminder for companies in this space to prioritize safety features before launching passenger flights [8][11].

Group 1 - A serious safety incident occurred on September 16, involving two eVTOL aircraft from Xiaopeng Huitian, which collided in flight and crashed [2] - One aircraft managed a normal landing while the other sustained damage and caught fire during landing, attributed to insufficient flight spacing [2] - Xiaopeng Huitian is a pioneer in the flying car sector, focusing on the research and commercialization of flying cars [2] Group 2 - In October 2024, Xiaopeng Huitian's flying car manufacturing base will commence construction, aiming for an annual production capacity of 10,000 units [2] - The company completed a $250 million Series B financing round on July 15, 2025, with $100 million from the B2 round, intended to support research, mass production, and commercialization of flying cars [2] - In October 2023, Xiaopeng Huitian unveiled the split-type flying car "Land Carrier," which consists of a ground vehicle and a flying unit, featuring a distributed electric propulsion system [3] Group 3 - The production license application for the flying unit (code: X3-F) was accepted by the Civil Aviation Administration of China, marking the start of regulatory review for mass production [3] - The "Land Carrier" production facility is set to be completed by the fourth quarter of 2025, with plans for mass delivery in 2026 at a price not exceeding 2 million yuan [3] - The recent crash incident poses significant challenges to Xiaopeng Huitian's flying car project, with safety being a major public concern for this emerging transportation mode [3]

Group 1 - The 21st China Automotive Industry Development (Teda) International Forum highlighted the importance of flying cars and eVTOLs in building a new ecosystem for integrated air-ground transportation [2][3] - The forum reached three consensus agreements focusing on emerging industries, carbon cycle ecology, and digital intelligence, with the first consensus emphasizing the need for a low-altitude economic industry system [2][3] - The low-altitude economy is seen as a crucial aspect of new aviation, encompassing drones, eVTOLs, and flying cars, which are expected to alleviate urban traffic congestion and expand urban transportation space [3][4] Group 2 - Numerous automotive companies are entering the low-altitude economy sector, transforming into integrated transportation service providers, with examples including XPeng Motors and Chery [4][5] - The flying car industry is rapidly advancing, with several companies like Geely and GAC Group making significant progress in testing and certification of their flying car models [5][6] - The integration of low-altitude economy and automotive technology is essential, with a reported 70% overlap in the industrial chain between flying cars and traditional electric vehicles [6][7] Group 3 - The collaboration between automotive and aviation sectors is driven by technological integration, focusing on power systems, auxiliary driving, and manufacturing systems [6][7] - Companies are leveraging existing automotive supply chains to reduce manufacturing costs and improve product quality, with over 80% supply chain reuse and over 90% localization reported [7][8] - The low-altitude economy market is projected to reach 10 trillion yuan by 2040, with flying cars expected to account for approximately one-third of this market by 2035 [9]

Core Insights - The event marked the issuance of the first pilot license for a manned flying vehicle to a Chinese flying car company, signifying a significant step in the internationalization of China's low-altitude electric manned flight technology [2] - The successful test flight of the X3-F flying vehicle in the UAE represents a milestone for the company in expanding its operations and testing capabilities in international markets [1][2] - A strategic cooperation agreement was signed between the company and the Ras Al Khaimah Transport Authority, focusing on deep collaboration in areas such as flight certification and application scenarios [3] Group 1 - The X3-F flying vehicle completed its first overseas test flight, initiating manned flight tests in multiple locations in the UAE [1] - The issuance of the pilot license was a collaborative effort involving the UAE General Civil Aviation Authority and local authorities, highlighting the regulatory support for the company's initiatives [2] - The strategic agreement aims to explore applications of flying vehicles in government transportation, tourism, and emergency rescue, leveraging the UAE's advanced policies and geographical advantages [3]

Group 1 - Aerospace ETF Tianhong (159241) has seen a 0.52% increase, marking a three-day upward trend with a trading volume of 57.05 million yuan and a turnover rate of 12.89% [3] - Key component stocks such as Great Wall Industry (601606) rose by 7.39%, Inner Mongolia First Machinery (600967) by 4.06%, and Construction Industry (002265) by 3.78% [3] - The Aerospace ETF Tianhong (159241) has experienced a significant growth of 285 million yuan in scale over the past three months, with a total of 23.2 million shares added [3] Group 2 - The Securities ETF (159841) has reached a new high since its inception, with a scale of 8.311 billion yuan and a total of 7.146 billion shares [3] - The Aerospace ETF Tianhong (159241) has attracted a total of 13.4984 million yuan in inflows over the last ten trading days [3] Group 3 - The Aerospace ETF Tianhong (159241) effectively captures investment opportunities in themes such as low-altitude economy, large aircraft, and satellite internet, benefiting from both policy and market support [4] - The Securities ETF (159841) is designed to provide a concentrated investment in top brokerage firms, with nearly 60% of its holdings in leading firms and 40% in smaller firms, offering a high-efficiency investment tool [4] Group 4 - XPeng Heavens has made significant progress with its "land aircraft carrier" (X3-F) receiving a special flight permit in the UAE, marking a milestone for Chinese flying car companies [5] - The production facility in Guangdong is set to begin operations in Q4 2023, aiming to become the world's first flying car manufacturing base, with 300 million yuan in orders already secured [5] Group 5 - According to AVIC Securities, the aerospace industry is evolving towards smaller, high-intensity, lightweight, reliable, low-cost, and high-performance equipment, increasing the demand for advanced manufacturing technologies [6] - Additive manufacturing technology is highlighted for its advantages in short processing cycles and high material utilization, providing new opportunities for aerospace equipment development [6]

Group 1 - Honor Technology recently applied for a patent related to satellite communication methods and devices, which can improve the management and scheduling of low Earth orbit satellite systems, enhancing system performance and reliability [2] - XPeng Heitech's "land aircraft carrier" X3-F has received a special flight permit in the UAE, marking the first time a Chinese flying car company has obtained such a permit for manned flight testing abroad [2] - SK Hynix has begun supplying a new high-performance NAND solution to meet the demands of AI-enabled smartphones, with the new product ZUFS 4.1 based on regional storage technology, offering higher operating speeds and improved data management efficiency [2] - Elon Musk stated that SpaceX's Starship is expected to achieve full reusability next year, capable of delivering 100 tons of payload into orbit, with the upgraded version V3 anticipated to begin flights next year [2]

Core Insights - Xiaopeng Huitian's X3-F flying vehicle has received a pilot license in the UAE, marking the first overseas certification for a Chinese flying car company [1] - The eVTOL market in China is projected to reach $41 billion by 2040, with annual sales of approximately 160,000 units [2] Market Overview - The eVTOL market is expected to see growth from both B2B and B2C segments, with personal flying eVTOLs focusing on private use, sightseeing, on-demand rentals, and flight training [3] - Personal flying eVTOLs are anticipated to capture a market size of $23 billion by 2040, accounting for about 55% of the total eVTOL market, while the transportation eVTOL segment is projected to reach $18 billion, representing 45% [5][12] Personal Flying eVTOL - The personal flying eVTOL market is driven by high-net-worth individuals seeking unique flying experiences, with a projected annual sales volume of 150,000 units [5] - Current offerings in the personal flying eVTOL market include models priced around 2 million yuan, with future luxury and entry-level models expected to launch by 2030 [5][6] Low-altitude Tourism - The low-altitude tourism segment is expected to see significant penetration, with eVTOLs projected to achieve a market size of $800 million by 2040, driven by their lower operational costs and superior experience compared to traditional helicopters [7][8] Rental and Training Markets - The rental market for eVTOLs is expected to grow, with projected annual sales reaching 7,000 units and a market size of approximately $1 billion by 2040 [8] - The flight training market is estimated to reach between $150 million and $190 million based on the number of new licenses issued annually [9] Transportation eVTOL - The transportation eVTOL market is projected to reach $18 billion by 2040, with private purchases making up 73% of the market, and airport and high-speed rail connections accounting for 15% [12] - eVTOLs are expected to significantly reduce travel time between urban centers and airports, with costs per kilometer being approximately 10 yuan, much lower than traditional helicopter services [10][11] Commercialization Pathways - Personal flying eVTOLs are likely to achieve commercialization sooner due to lighter regulatory requirements and a clearer certification path, while transportation eVTOLs face stricter regulations and infrastructure challenges [13][14] - The market dynamics in China suggest a potential for personal flying eVTOLs to lead the way in commercialization, similar to the rapid growth seen in the consumer drone market [14]

Core Points - Xiaopeng Huitian's "land aircraft carrier" (X3-F) has received a special flight permit in the UAE, marking a significant step in the internationalization of China's low-altitude electric manned flight technology [2] - A strategic cooperation agreement has been signed between Xiaopeng Huitian and the Ras Al Khaimah Transport Authority to explore applications in government transportation, flight experiences, tourism, and emergency rescue [2] - The successful flight demonstration showcased the stable control performance of the X3-F, which performed various maneuvers including hovering, forward flight, and 360-degree rotation [2] Company Developments - Xiaopeng Huitian plans to conduct a series of manned flight activities in the UAE, with expectations to see the "land aircraft carrier" on the streets of the Middle East soon [3] - The collaboration aligns with Ras Al Khaimah's vision to promote technological innovation and positions the emirate as a global innovation hub [2]