The ambitious domestic and international marketing campaigns show EHang’s confidence in generating strong market demand, months after its self-developed EH216-S became the world’s first recipient of a Type Certificate and Standard Airworthiness Certificate for pilotless eVTOLs. Those certifications were issued last October and December, respectively, by the Civil Aviation Administration of China (CAAC).
“This significant achievement has had a profound impact on our business, as it has sparked a surge in demand for our remarkable EH216-S,” EHang founder, chairman and chief executive Hu Huazhi said last Friday, when the company released its latest financial results.
“The market response has been overwhelmingly positive, leading to strong quarterly and yearly revenue growth.”
EHang reported fourth-quarter revenue of 56.6 million yuan, a 260.9 per cent jump from 15.7 million yuan in the same period in 2022, on the back of an increase in orders for its EH216-series products. Total 2023 revenue reached 117.4 million yuan, up 165 per cent from 44.3 million yuan the previous year.
Sales and deliveries of the company’s EH216-series products totalled 52 units last year, compared with 21 in 2022.
After completing aircraft certification, EHang conducted EH216-S production under the supervision of CAAC representatives at the company’s factory in Yunfu, a city in Guangdong. The firm began deliveries of certified aircraft to customers in the December quarter.
EHang did not immediately respond to a request for comment. The company’s shares were up 4.71 per cent to US$16.23 in pre-market trading on Tuesday.
The EH216-S, which was first announced in February 2018, has reportedly completed over 42,000 successful test flights in more than 14 countries.
The two-passenger aircraft has a top speed of 130-kilometres per hour, a cruising speed of 100km/h and a maximum altitude of 3,000 metres. It has a range of 30km and a flight time of 25 minutes.
It is built with 16 propellers, recharges its batteries in 120 minutes and provides a maximum payload of 220 kilograms. The luggage boot can accommodate an 18-inch suitcase to satisfy general commuting and short-distance travel requirements.
The autonomous flight capabilities, fully electric propulsion, comprehensive redundancy safety features, and intelligent command-and-control systems of the EH216-S make it an ideal solution for various urban air mobility (UAM) applications, including air taxi services, aerial tourism, airport shuttles and cross-island transport, according to EHang.
The company earlier this month forged a UAM cooperation pact with the municipal government of Wuxi, a city in eastern Jiangsu province, covering an order of 100 EH216-S units.
Last October, EHang entered into a strategic cooperation deal with the municipal government of Hefei, a city in eastern Anhui province, for joint development of a low-altitude economy ecosystem, with US$100 million in extended support that can be used to facilitate a minimum order of 100 EH216-series products.
That is expected to contribute between 3 trillion yuan and 5 trillion yuan to China’s economy by 2025, according to a white paper published last year by the International Digital Economy Academy in Shenzhen.