EHang's Q1 2025: Navigating Contradictions in OC Timelines, Capacity Expansion, and R&D Focus
Earnings DecryptMonday, May 26, 2025 5:05 pm ET

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OC Issuance and Commercial Operations:
- EHang received its first batch of Air Operator Certificates (OC) for human-carrying pilotless aerial vehicles, marking the beginning of commercial flight operations.
- This milestone enables the launch of commercial eVTOL services in China's low-altitude economy and signifies EHang's full lifecycle capabilities, from design to operational readiness.
Revenue and Delivery Performance:
- EHang's revenue for Q1 2025 was RMB26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily due to decreased sales volume of EH216 series products.
- The decline was attributed to seasonal factors, delayed orders post-OC issuance, and longer budgeting and approval processes, particularly for government procurement.
Product Development and Certification:
- The VT35, EHang's next-generation long-range pilotless human-carrying eVTOL, has completed final assembly, with significant upgrades in flight control and propulsion systems.
- Certification for the VT35 is expected to be accelerated, leveraging EH216-S certification experience, and the aircraft is slated for unveiling in Q3 2025.
Operational Expansion and Infrastructure:
- EHang expanded its Yunfu production base, doubling its main factory size, with plans to increase annual production capacity to 1,000 units by the end of 2025.
- The company is also building additional assembly facilities in Hefei and Weihai, enhancing its supply chain for future orders and supporting the growth of eVTOL operations.
OC Issuance and Commercial Operations:
- EHang received its first batch of Air Operator Certificates (OC) for human-carrying pilotless aerial vehicles, marking the beginning of commercial flight operations.
- This milestone enables the launch of commercial eVTOL services in China's low-altitude economy and signifies EHang's full lifecycle capabilities, from design to operational readiness.
Revenue and Delivery Performance:
- EHang's revenue for Q1 2025 was RMB26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily due to decreased sales volume of EH216 series products.
- The decline was attributed to seasonal factors, delayed orders post-OC issuance, and longer budgeting and approval processes, particularly for government procurement.
Product Development and Certification:
- The VT35, EHang's next-generation long-range pilotless human-carrying eVTOL, has completed final assembly, with significant upgrades in flight control and propulsion systems.
- Certification for the VT35 is expected to be accelerated, leveraging EH216-S certification experience, and the aircraft is slated for unveiling in Q3 2025.
Operational Expansion and Infrastructure:
- EHang expanded its Yunfu production base, doubling its main factory size, with plans to increase annual production capacity to 1,000 units by the end of 2025.
- The company is also building additional assembly facilities in Hefei and Weihai, enhancing its supply chain for future orders and supporting the growth of eVTOL operations.

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