EHang Holdings Limited (NASDAQ:EH) said it has delivered a new batch of EH216-S pilotless aircraft, or the electric vertical takeoff and landing (eVTOL), fortifying its footprint in China's "low-altitude" industry.
The company confirmed it received full payment for the new batch of 30 units ordered by Wencheng County Transportation Development Group Co Ltd in Wenzhou, Zhejiang province, of which it has delivered 27.
In recent years, China has relaxed its regulation of low-altitude airspace to foster the growth of a low-altitude economy, creating fresh prospects for eVTOL manufacturers, CnEV Post reported.
Priced at RMB 2.39 million, the eVTOL has a top flight speed of 130 kilometers per hour and can travel a maximum distance of 25 minutes.
Ehang's delivery of 26 EH216-S eVTOLs in the first quarter brought their total deliveries to 263 units, the report read.
The company has established a dedicated takeoff and landing site and supporting amenities for the EH216-S.
In a press release dated June 21, EHang said it partnered with Wencheng County, securing an order for 30 units of EH216-S and a purchase plan for an additional 270 units.
Ehang said that the customer has already paid 50% of the contract price as a pre-delivery down payment, with the remainder payable upon delivery.
On May 31, the company secured an order worth RMB113 million for 50 units of EH216-S eVTOLs from Xishan Tourism to promote the low-altitude economy in North China.
According to Benzinga Pro, EH stock has gained over 6% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho New Economies Composite ETF (NYSE:KOMP).
Price Action: EH shares are trading lower by 0.29% to $13.60 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
