EHang
Huazhi Hu
Data verified as of Jul 17, 2026
Summary
EHang is a Guangzhou-based autonomous aerial vehicle company and the regulatory first-mover of the global eVTOL industry. Its pilotless two-passenger EH216-S holds the world's first type certificate (October 2023), standard airworthiness certificate, production certificate, and — since March 2025 — the first air operator certificates for pilotless passenger eVTOLs, all from China's CAAC. Its certified operators have flown 3,000+ trial commercial missions in Guangzhou and Hefei with zero accidents, though the public ticketed launch has slipped past its original March 2026 target pending additional CAAC requirements. EHang delivered 221 aircraft in 2025 and debuted the VT35, a long-range (200 km) lift-and-cruise eVTOL, in October 2025. Its aircraft have flown in 22 countries, with recent firsts in Qatar, Mexico, and Switzerland, and a Hong Kong regulatory-sandbox selection in June 2026. Audited FY2025 revenue was RMB418M, about 18% below the unaudited figure, and the stock is down ~58% in 2026 amid regulatory delays and sector headwinds.
Main Products
Pilotless two-passenger multicopter eVTOL with 16 propellers on 8 arms, flying preset routes under centralized command-and-control with no pilot aboard. The world's first passenger eVTOL to hold type, production, and standard airworthiness certificates, now flying trial commercial passenger operations in Guangzhou and Hefei. Logistics (EH216-L) and firefighting (EH216-F) variants share the platform.
Fully certified by the CAAC (type, airworthiness, production, operator AOCs — all world firsts). In trial commercial passenger operations with 3,000+ missions flown; public ticketed services pending final CAAC operational requirements.
Long-range pilotless lift-and-cruise eVTOL with tandem fixed wings, eight lift propellers, and one pusher propeller — extending EHang's pilotless platform from short sightseeing hops to intercity routes of up to ~200 km.
Debuted October 13, 2025 at Luogang Park, Hefei; priced at RMB6.5M with six units delivered in 2025. CAAC accepted its type-certificate application in March 2025; the program is in the certification-basis definition phase, with a Hefei production hub being built with the local government and JAC Motors.
What's Next
Launch public ticketed pilotless passenger flights in Guangzhou and Hefei
The world's first ticketed pilotless eVTOL services — sightseeing first, urban commuting later — slipped past the original March 2026 target and remain pending additional CAAC operational and safety requirements. The AOC-holding operators have flown 3,000+ trial commercial missions with zero accidents, and EHang says preparations (including a CAAC-framework crew training program, ready to launch on approval) are complete on its side.
Achieve VT35 type certification
The CAAC accepted the VT35's type-certificate application in March 2025, and the program was in the certification-basis definition phase as of Q1 2026. EHang has guided to a 12–18 month path, implying certification in late 2026–2027, alongside construction of a dedicated VT35 production hub in Hefei with the local government and JAC Motors.
Enter Southeast Asia commercially, starting with Thailand
Five vertiport locations have been identified and the first operational route surveyed with Thai authorities, part of a broader international push spanning the Hong Kong regulatory sandbox, Türkiye, Switzerland, Qatar, and Latin America — converting EHang's 22-country demonstration footprint into commercial operations abroad.
Track Record
0 of 1 announced date hit · 1 slipped
Launch public ticketed EH216-S commercial flights in Guangzhou and Hefei
Target March 2026 · Resolved Jun 9, 2026
The public ticketed launch did not happen by the March 2026 target: as of the June 9, 2026 Q1 report, the certified operators were still in internal trial commercial operations while meeting additional CAAC operational and safety requirements. The launch is still expected, re-targeted to H2 2026.
Operations & Revenue
EHang is the only eVTOL maker with a fully certified pilotless passenger aircraft and certified operators, running routine trial commercial operations in Guangzhou and Hefei (3,000+ missions, zero accidents). The public ticketed launch, once expected in March 2026, remains pending additional CAAC operational and safety requirements as of the June 2026 Q1 report. Deliveries fell to 4 units in Q1 2026 as customers await commercialization clarity. Internationally, EHang is expanding fast — Qatar, Mexico, Thailand route surveys, Türkiye, the Hong Kong regulatory sandbox, and first Switzerland flights in July 2026 (22 countries total). The stock is down ~58% YTD after JPMorgan, UBS, and BofA downgrades and sector fallout from a June 2026 Beijing light-aircraft crash (not an EHang aircraft).
Revenue Streams
The dominant revenue stream: sales of the EH216 series (historically ~RMB2.39M list) and the VT35 (RMB6.5M standard) to operators, tourism sites, and local-government-backed low-altitude-economy programs across China.
Aerial Media & Drone Light Shows
Formation-drone shows and hardware — 22 shows plus 1,000 GD 4.0 formation drones delivered in Q1 2026 (~40% of that quarter's revenue), including a Guinness-record 22,580-drone Spring Festival Gala show.
Key Metrics
Employees
~830
Est. Annual Revenue
FY2025 (audited): RMB418.0M revenue, net loss RMB276.4M; Q1 2026: RMB25.7M (US$3.7M); FY2026 guidance ~RMB600M (set pre-downgrades); cash & investments RMB1.03B (US$148.9M) at March 31, 2026
Timeline
EHang's March 2026 unaudited results reported record FY2025 revenue of RMB509.5M and a first GAAP-profitable quarter, but the audited 20-F (filed May 15, 2026 after a missed deadline) cut FY2025 revenue to RMB418.0M with a net loss of RMB276.4M, following a reassessment of US GAAP revenue recognition. Q4 EH216 deliveries were revised from 95 to 61 units.
EHang is selected for Hong Kong's 'Low-Altitude Economy Regulatory Sandbox X' (June 23) and completes the first pilotless eVTOL flights in Switzerland with regulator FOCA (July 7) — its 22nd country. Meanwhile China's public ticketed launch stays pending, Q1 deliveries fall to 4 units, and JPMorgan, UBS, and BofA downgrade the stock, which slides ~58% YTD.
On March 30, 2025, the CAAC grants air operator certificates to EHang's wholly-owned Guangdong EHang General Aviation and its JV Hefei HeYi Aviation — completing the full suite of regulatory certifications and legally enabling ticketed human-carrying flight services in Guangzhou and Hefei, a world first for pilotless eVTOLs.
On October 13, 2025, EHang launches the VT35 — a pilotless lift-and-cruise eVTOL with ~200 km range, priced at RMB6.5M — at Luogang Park, Hefei, with six units delivered by year-end. In November, the EH216-S flies point-to-point human-carrying demonstrations between the Port of Doha and Katara Cultural Village with Qatar's Ministry of Transport.
On October 13, 2023, the CAAC issues the EH216-S its type certificate — the first ever granted to an unmanned passenger-carrying eVTOL globally. On December 21, the aircraft obtains the world-first standard airworthiness certificate and the first certified unit is delivered to a customer in Guangzhou.
Funding
Cumulative disclosed raise · dated rounds