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DEEP RESEARCH · EHANG

EHang Holdings: eVTOL Commercialization and the Low-Altitude Economy

A review of EH216-S certification, VT35 portfolio expansion, and China’s low-altitude economy policy tailwind.

Published: 2025-12-21 · UAM/eVTOL/low-altitude economy · Naver Blog

Investment decisions are your responsibility. This material is research, not a recommendation to buy or sell.

0. Bottom line first

My key takeaway is that EHang’s differentiation is certification plus real operating data. While Western peers pursue FAA/EASA certification for piloted aircraft, EHang moved earlier into commercialization with autonomous multicopter aircraft under CAAC support.

Official fact: The source says EHang achieved the eVTOL “triple crown” of TC, PC, and AC. It also cites China’s goal of building a RMB 2 trillion, about KRW 380 trillion, low-altitude economy by 2030.

Original image about EHang and the low-altitude economy

1. Investment thesis: regulation, product, policy

Regulation

Regulatory arbitrage

TC, PC, and AC make EHang a commercial operator ahead of many competitors.

Product

VT35 expansion

EH216-S covers short intra-city trips, while the VT35 unveiled in October 2025 targets inter-city routes with more than 200 km of range.

Policy

Low-altitude economy

Direct investment and preorders by local governments such as Hefei, Guangzhou, and Shenzhen are framed as early-market catalysts.

Interpretation: The positive case is balanced by volatility: the source notes that 3Q25 revenue declined sequentially, showing the uneven nature of an early B2G market. Geopolitical risk is also a valuation discount factor.

2. Product matrix: intra-city and inter-city

ProductRoleKey facts
EH216-SIntra-city mobilityTwo-seat fully autonomous aircraft, 16 propellers and 16 motors, vertical takeoff and landing
EH216-LLogisticsLogistics model in the UAM lineup
EH216-FFirefightingFirefighting-focused model
VT35Inter-city mobilityUnveiled in October 2025, lift-and-cruise design, about 200 km range, priced at RMB 6.5 million or about KRW 1.2 billion
EHang’s UAM platformVertical integration beyond aircraft sales
AircraftEH216-S/L/F, VT35
ControlCommand & Control Center
OperationsTourism, logistics, aerial media
InfrastructureVertiports and local governments
A packaged approach to solve the aircraft-and-infrastructure chicken-and-egg problem

3. Commercialization and global expansion

  • China: The low-altitude economy is designated a strategic emerging industry, and Shenzhen plans to add more than 1,000 low-altitude flight routes by 2025.
  • Thailand: EHang launched a UAM sandbox initiative with CAAT in October 2025.
  • Qatar: In November 2025, it completed the Middle East’s first urban passenger demonstration flight in central Doha, cutting a 30-minute car route from Doha Port to Katara Cultural Village to 8 minutes.
  • Rwanda: The source says EHang completed Africa’s first passenger flight in September 2025.
  • Operating data: More than 80,000 safe flights in real urban environments are framed as a key asset.

4. Financial and valuation view

Original image about EHang relative valuation

The source compares Joby Aviation’s market capitalization of about USD 13 billion with EHang’s roughly USD 1.1-1.3 billion level, interpreting the more than 10x gap as a China discount and market preference for FAA certification. It frames EHang at about 14-16x 2025 expected sales, with more than 60% margins and more than 50% revenue growth as a high-growth platform-style case.

Rerating conditions

  1. Delivering 4Q25 revenue guidance of more than RMB 200 million.
  2. Expanding certification beyond CAAC, especially in the Middle East and Southeast Asia.
  3. Visible VT35 certification progress and mass delivery.

Risks

  • U.S.-China geopolitical risk and possible disruption in key components.
  • Safety risk: one fatal accident could undermine public trust and tighten regulation.
  • Quarterly revenue volatility due to government-led order timing.

Sources

Naver original