Early deliveries of its autonomous two-seat EH216-S eVTOL aircraft boosted EHang’s revenues in the fourth quarter of 2023. Having secured type certification from the Civil Aviation Administration of China (CAAC) on October 13, the Guangzhou-based company is still awaiting clearance for the production certificate needed to advance to higher-volume series production but managed to deliver 23 aircraft in the last three months of last year.
According to EHang, the CAAC review team has completed onsite inspections at its factory and all the required quality system files have been submitted for final review. The company told financial analysts it has now delivered 52 EH216-S aircraft to early customers under an airworthiness certificate issued by the Chinese regulator (compared with 21 units in 2022).
Total revenues in 2023 were RMB 117.4 million ($16.3 million), representing a 165 percent increase compared with 2022. Operating losses at RMB 296.3 million have been reduced by 2.5 percent as the company starts deliveries of the pilotless vehicle, which has a retail price of RMB 2.39 million ($334,000) in China. As of December 31, 2023, EHang had cash reserves of RMB 334.1 million, with operating expenses totaling RMB 377.8 million last year.
During an investor call on February 15, EHang CEO, chairman, and founder Huazhi Hu reported that the company expects to apply for a type certificate for the larger VT30 eVTOL model later this year. This four-seater is expected to have a range of up to 300 kilometers (186 miles) for inter-city trips, compared with the EH216-S’s range of just 30 kilometers.
During the fourth quarter of 2023, EHang launched public-private partnerships covering early commercial operations with the EH216-S in several Chinese cities including Shenzhen, Guangzhou, Hefei, and Wuxi. Last month, it signed a cooperation agreement with Guangzhou Automobile Group and the Guangzhou Airport Economic Zone covering the development of the so-called low-altitude economy and smart manufacturing.
EHang’s stock on New York’s Nasdaq market closed March 15 trading at $15.37. This was more than three times higher than U.S. eVTOL developers Joby and Archer, for which prices closed on the New York Stock Exchange at just over $5. All three public companies are doing markedly better than European rivals Lilium and Vertical Aerospace, which are still struggling to break through the required $1 mark.