EHang Holdings Limited (NASDAQ:EH) shares are trading higher premarket on Monday. The company disclosed a long-term strategic partnership with Zhuhai Enpower Electric Co., Ltd.
The collaboration will focus on co-developing high-performance electric motors and motor controllers for EHang's electric vertical take-off and landing (eVTOL) aircraft.
The collaboration aims to develop customized electric motor drive systems tailored to the specific needs of EHang's eVTOL products and the stringent airworthiness standards set by civil aviation authorities.
This partnership will boost the performance and reliability of EHang's eVTOL aircraft to meet the growing demands of the industry.
Huazhi Hu, EHang's Founder, Chairman and Chief Executive Officer, said, "This strategic partnership with Enpower not only validates our vision but also provides the necessary impetus for our goals. Together, we will redefine the future of transportation, making it safer, more efficient, and environmentally friendly."
"We look forward to the collaboration with more partners from upstream and downstream in the UAM sector and the achievements that lie ahead."
Last week, EHang's EH216-S eVTOL aircraft successfully completed debut passenger flights in Bangkok, Thailand, marking the company's expansion into its 18th country.
With approval from the Civil Aviation Authority of Thailand, EHang plans flight tests and aims to launch commercial operations in regions like Phuket and Koh Samui by 2025, further developing Thailand's air mobility market.
Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL) and SPDR S&P Kensho New Economies Composite ETF (NYSE:KOMP).
Price Action: EH shares are up 3.15% at $17.03 premarket at the last check Monday.
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