Core Insights - The Chinese eVTOL industry is experiencing a dichotomy between hype and reality, with significant challenges emerging despite initial excitement around electric vertical takeoff and landing aircraft [1][2] - Three companies stand out in the tilt-rotor technology segment: TCab Tech, INFLYNC, and Volant, each claiming to represent the future of urban air mobility [1][12] Company Summaries TCab Tech - TCab Tech's E20 tilt-rotor aircraft completed its first flight in 2023, achieving a speed of 320 km/h and is considered the closest to civil aviation standards among eVTOL models [11] - The company has established a connection with the CAAC for airworthiness certification and is in the technical document integration phase [17][18] - Its strategy focuses on cargo operations first to accumulate airworthiness experience before moving to passenger transport [18][32] INFLYNC - INFLYNC's L600 concept aircraft features a tilt-duct propulsion system, promising high lift-to-drag ratio and low noise, but remains in the prototype stage [11][8] - The company has not yet appeared on the official acceptance list and has not submitted its Type Certificate (TC) application [17][19] - INFLYNC's approach prioritizes overseas airworthiness, which may lead to higher costs and delayed returns [19][32] Volant - Volant employs a hybrid tilt-rotor approach, allowing for both vertical takeoff and long-distance cruising, but is seen as more focused on capital presentation than engineering validation [11][12] - The company is in the project declaration phase and collaborates with local low-altitude centers [17][18] - Volant's strategy involves a "light asset outsourcing" model, relying on external suppliers for some components [23][32] Industry Trends - The eVTOL sector is facing a tightening of capital, with investors becoming more cautious about funding "heavy asset + long cycle" projects [25][27] - The average time from project initiation to certification is estimated at 3-5 years, with extensive documentation and testing required [18][14] - The industry is characterized by a paradox where aggressive strategies may lead to slower progress, while pragmatic approaches may yield quicker results [20][32] Market Dynamics - The funding landscape has shifted from "who gets the money" to "who can sustain operations," highlighting the importance of cash flow in the current market [28][29] - The three companies represent different strategic paths: TCab Tech as the pragmatic player, INFLYNC as the risk-taker, and Volant as the hybrid approach [31][32] - The future of the eVTOL industry in China hinges on execution, patience, and the ability to secure airworthiness certifications [36][37]