EHang's Q1 2025: Navigating Contradictions in OC Timelines, Capacity Expansion, and R&D Focus

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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.