Urban air mobility company EHang announced the preliminary revenues for the fourth quarter and fiscal year ended December 31, 2024, beating the previous revenue guidance in the earnings release for the third quarter of 2024.
Total revenues for the fourth quarter 2024 are expected to reach RMB162 million, representing an increase of 20% from the guidance of RMB135 million, and a year-over-year increase of 187% from RMB56.6 million in the fourth quarter of 2023.
Total revenues for the fiscal year 2024 are expected to reach RMB454 million, representing an increase of 6% from the guidance of RMB427 million, and a year-over-year increase of 287% from RMB117.4 million in 2023.
The upward performance reflects stronger-than-expected market demand for EHang’s flagship EH216-S pilotless passenger-carrying aerial vehicles, key operational milestones, and growing momentum in the company’s business.
EHang and China Communications Information & Technology sign deal
EHang announced a comprehensive strategic partnership with China Communications Information & Technology Group Co., Ltd. (“CCIT”) in the fields of the low-altitude economy and advanced air mobility ecosystem.
CCIT is a specialised subsidiary of China Communications Construction Group (“CCCG”), which is a world’s leading comprehensive service provider of extra-large infrastructure. It is also a key technical support unit for major projects and pilot projects under the Ministry of Transport of China. Its main business covers in-depth enterprise digitalization, information industry, system integration and engineering implementation, network security and operations, big data and cloud services, and other fields. In response to the big data services for unmanned aerial vehicles (“UAVs”), CCIT has constructed a comprehensive technical total solution and a systematic commercial service process. As part of the collaboration, CCIT will work with various business sectors under CCCG, including China Communications Construction to partner with EHang to co-develop digital UAM infrastructure and transportation hubs, innovate UAV services, as well as establish a commercial operation model and comprehensive support system for the low-altitude economy, driving innovative development within the sector.
Through this strategic partnership, EHang and CCIT will collaborate on advancing the research and development, planning and construction of digital UAM infrastructure, while also promoting integrated innovations of the low-altitude economy industry. The two parties will combine their respective technological expertise and industrial experience to incorporate digital technologies such as 5G, 6G, satellite communications, sensing, and high-precision navigation into the low-altitude aviation industry. These initiatives target creating an intelligent low-altitude platform that integrates five key networks: air traffic infrastructure network, aerial route network, communications and navigation network, airspace management network, and low-altitude service network.
Both parties will also work together to promote local governments in China for planning and construction of flight data centers, dedicated communications networks, and integrated flight take-off and landing platforms, with EHang providing operational services.
EHang reaches cooperation agreement with Weihai High-Tech Zone
EHang announced it has signed a project cooperation agreement with the Management Committee of the Torch High-Tech Industrial Development Zone of Weihai City (“Weihai High-Tech Zone”) in Shandong Province to establish comprehensive industry collaboration on pilotless eVTOLs in the new phase of rapid growth of low-altitude economy in China. Based on the cooperation, EHang and Weihai High-Tech Zone Cultural and Tourism Industry Investment Co., Ltd. have signed a purchase agreement for the first batch of 30 units of EH216-S pilotless passenger eVTOLs, and have completed full payment for the order.
Under the agreement, both parties will work together to establish a pilotless passenger-carrying eVTOL research and development and manufacturing base in Shandong, which will serve as EHang’s production hub in the province. EHang and Weihai High-Tech Zone will also jointly develop a low-altitude economy industrial park in the region, with the goal of promoting the integration of the local low-altitude economy with cultural tourism, and other regional industries, accelerating the development and clustering of the low-altitude economy industry in the Weihai High-Tech Zone.
In terms of commercial operations, both parties will work together to create low-altitude tourism services that integrate scenic sightseeing and technological experiences, by planning and launching comprehensive low-altitude cultural tourism flight routes in Weihai High-Tech Zone. This initiative will advance the integration of the low-altitude economy with scenic spots, high-end hotels, commercial districts, leisure parks, and camping businesses, forming exemplary application scenarios for passenger sightseeing and low-altitude transportation, exploring and driving the development of the innovative business model of low-altitude tourism.
EHang Partners with Beijing Fangshan District Government
EHang announced a strategic partnership with the People’s Government of Fangshan District, Beijing (“Fangshan District Government”). Together, the two parties aim to advance the low-altitude emergency rescue sector by establishing EHang’s national headquarters for low-altitude emergency rescue equipment in Fangshan District, Beijing with top-level mapping of its multiple application scenarios and complete industrial chain. This initiative seeks to position the area as a hub for the low-altitude emergency rescue industry and a pilot demonstration zone for related new technologies, products and scenarios, fostering an innovative model for “low-altitude + emergency” industrial ecosystem.
On December 25, the Beijing Low-Altitude Safety Emergency Industrial Park was inaugurated in Beijing Fangshan District, accompanied by a comprehensive exercise of general aviation emergency rescue. During the event, EHang reached a strategic partnership agreement with Fangshan District Government. According to the agreement, EHang will locate its National Headquarters for Low-Altitude Emergency Rescue Equipment in Fangshan District, Beijing, for emergency rescue operation business. The Fangshan District Government will actively coordinate industrial funds to support this initiative and related projects.
EHang Partners with Changan Automobile on flying cars
EHang announced the signing of a strategic cooperation agreement with Chongqing Changan Automobile Co., Ltd., (“Changan Automobile”), a leading Chinese car manufacturer. The parties will collaborate on the research and development, manufacturing, sales, and operation of flying car-related products, including electric vertical takeoff and landing (“eVTOL”) aircraft and innovative flying cars. Leveraging EHang’s strong product development capabilities in aerial vehicles and low-altitude flight management technology solutions and combining Changan Automobile’s robust production and manufacturing foundation and rich market resources in the automotive sector, the parties will explore the establishment of a joint venture focused on future mobility ecosystem technologies. This cross-industry strategic partnership will further enrich and expand EHang’s eVTOL product line, unlocking a vast potential market for flying cars targeting a broad C-end customer base.
As one of China’s top four automotive groups, Changan Automobile boasts strong capabilities in R&D, manufacturing infrastructure, supply chain, sales channel resources, and significant market influence in automobile market. EHang, as a pioneer in the global UAM sector, is leading the way in the R&D and design, mass production, certifications and large-scale safe operation for pilotless passenger-carrying eVTOL aircraft. Under this agreement, the two parties will leverage their respective strengths and resources to jointly develop flying cars and with cutting-edge technologies, future-oriented design, and market competitiveness. The collaboration covers R&D, production, market promotion, channel development, user experience and after-sales service, while integrating low-altitude economy applications to accelerate the commercialisation of flying cars and EHang’s pilotless eVTOL products.
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