EHang Partners with Changan Automobile to Produce Flying Cars to Create Innovative Way of Personal Transportation By Investing.com - ORSOLTECH

GUANGZHOU, China, Dec. 21, 2024 (GLOBE NEWSWIRE) — EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a global leader in Urban Air Mobility (UAM) technology platforms, today announced the signing of an agreement Strategic cooperation with Chongqing Changan Automobile Co., Ltd. (Changan Automobile), a leading Chinese automobile manufacturer listed on the Shenzhen Stock Exchange (ticker: 000625), in the presence of the Government of Chongqing Municipality and representatives from various industry sectors. The two parties will cooperate in the research, development, manufacturing, sales and operation of flying car-related products, including electric vertical take-off and landing (eVTOL) aircraft and innovative flying cars. Leveraging EHang's strong product development capabilities in aviation vehicles and low-altitude flight management technology solutions and combining Changan Automobile's strong production and manufacturing foundation with rich market resources in the automotive sector, the two parties will explore the establishment of a joint venture focused on the future mobility ecosystem. Technologies. This cross-industry strategic partnership will further enrich and expand the eHang eVTOL product line, opening up a broad potential market for flying cars targeting a broad C-segment customer base.

Zhao Wang, Chief Operating Officer of EHang and Xiaoyu Zhang, Executive Vice President of Changan Automobile sign a strategic cooperation agreement

The signing ceremony was held at the planned location of the Changan World Science and Arts Center in Chongqing. Notable attendees included Henghua Hu, Deputy Secretary of the Chongqing Municipal Committee and Mayor of Chongqing, Xiang Dongzheng, Vice Mayor of Chongqing, and the management of Changan Automobile Company, including Huarong Zhou, Chairman of the Board of Directors; Jun Wang, President; and Binhong Tan, Chief Human Resources Officer. Also in attendance were Huazhi Hu, founder, chairman and CEO of EHang; Zhao Wang, Chief Operating Officer, and Connor Yang, Chief Financial Officer. Highlights of the ceremony included a flight of the EH216-S drone carrying passengers.

The EH216-S drone performs a flight demonstration at the signing ceremony, while the EH216-F and EH216-L drones are on display on site.

As one of the four largest automobile groups in China, Changan Automobile boasts strong R&D capabilities, manufacturing infrastructure, supply chain and sales channel resources, and significant influence in the automobile market. EHang, as a leader in the global UAM sector, leads the way in R&D, design, mass production, certification and large-scale safe operation of passenger-carrying eVTOL drones. Under this agreement, the two parties will leverage their strengths and resources to jointly develop flying cars with cutting-edge technologies, future-oriented design and market competitiveness. The cooperation covers R&D, production, market promotion, channel development, user experience and after-sales service, while integrating low-altitude economic applications to accelerate the commercialization of flying cars and eHang unmanned products.

Signing ceremony of the strategic cooperation agreement between EHang and Changan Automobile

The low-altitude economy represents an emerging national strategic industry and a new high-quality production force. The 2024 Central Economic Work Conference clearly pointed out the importance of leading the development of new types of productive forces through technological innovation and implementing large-scale application demonstrations of new technologies, products and scenarios. China's Ministry of Industry and Information Technology and other departments proposed to encourage research and development in flying car technologies, validate products, and explore commercial application scenarios, with a strong focus on developing low-cost unmanned, electric, and intelligent aircraft. Height equipment. As a new type of aircraft intended for the development of the low-altitude aviation industry, eVTOL aircraft have tremendous development potential. According to data from the Civil Aviation Administration of China, the size of China's low-altitude economy exceeded 500 billion yuan in 2023, and is expected to reach 2 trillion yuan by 2030, with the market potentially growing to 3.5 trillion yuan by 2035.

Earlier this year in September, the Chongqing Municipal Government Office issued an act (WA:) Plan to Promote Low-Altitude Airspace Management Reform and High-Quality Development of Low-Altitude Economy (2024″2027″). The plan aims to position Chongqing as an innovative reference city in low-altitude economy and support intelligent automobile manufacturers in exploring aircraft R&D and production EHang and Changan Automobile cooperatively align with the low-altitude economy development strategy, and build strategies on Chongqing's preferred policies to accelerate the complementary integration of the low-altitude automobile industry and economy. Low. The emergence of a new generation of low-altitude mobility products will provide a high-quality, more efficient and environmentally friendly transportation solution designed to meet the challenges of Chongqing's complex mountainous terrain. This innovation will set a new standard for the advancement of the economy of low-altitude areas.

Huarong Zhou, Chairman of Changan Automobile, speaks at the strategic cooperation signing ceremony

Huarong Zhou, Chairman of Changan Automobile Company, said:
“The cooperation between Changan Automobile and EHang in developing flying cars is of great significance, allowing both parties to leverage their respective strengths. Over the next five years, Changan Automobile plans to invest more than 20 billion yuan in the low-altitude economy.” sector to accelerate the development of the flying car industry, and over the next decade, we will invest more than 100 billion yuan to explore integrated mobility solutions across land, sea and air.

Huazhi Hu, founder, chairman and CEO of EHang, speaks at the strategic cooperation signing ceremony

Huazhi Hu, Founder, Chairman and CEO of EHang, said:
“During this rapid development phase of the low-altitude economy, EHang remains committed to cooperating with upstream and downstream partners to promote the eVTOL drone industrial chain and ecosystem. We look forward to further cross-industry cooperation with mature domestic automakers, and benefiting from each other.” Strengths and others' resources to create complementary and synergistic effects, enrich and develop eVTOL product series that meet the requirements of diversified scenarios and customers, aiming to achieve common goals The development of R&D, manufacturing, sales and operation of next-generation flying car products, will further Enriching the low-altitude economy ecosystem and providing consumers with more travel options.

About EHang
EHang (Nasdaq: EH) is the global leader in urban air mobility (UAM) technology platforms. Our mission is to enable safe, independent and environmentally friendly air mobility within everyone's reach. EHang provides customers in various industries with unmanned aerial vehicle (UAV) systems and solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. EHang's flagship product EH216-S has obtained the world's first type certificate, production certificate and standard airworthiness certificate for eVTOL drone issued by the Civil Aviation Administration of China. As a leader in cutting-edge drone technologies and commercial solutions in the global UAM industry, EHang continues to explore the sky's limits to make aviation technologies benefit our lives in smart cities. For more information, please visit www.ehang.com.

About Changan Auto
Changan Automobile is one of the four major Chinese automobile groups, with 40 years of automobile manufacturing experience, we have 14 manufacturing bases and 34 factories all over the world. As a leading Chinese automobile manufacturer, CHANGAN Automobile has self-owned brands including CHANGAN UNI, CHANGAN NEVO, CHANGAN LCV, DEEPAL, and AVATR, and co-brands including CHANGAN Ford (NYSE:), CHANGAN Mazda, and JMC. Changan Automotive has more than 18,000 engineers and technicians from 31 countries around the world, and has established a research and development network of ten cities in six countries in Chongqing, Beijing, Shanghai, Dingzhou in Hebei, Hefei in Anhui, Turin in Italy, Yokohama in Japan, Birmingham in the United Kingdom, and Detroit in United States, and Munich, Germany.

Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as will, expects, expects, goals, future. , intends, plans, believes, estimates, is likely to and similar statements. Statements that are not historical facts, including statements regarding management's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those expressed in any forward-looking statement, including but not limited to those relating to certifications and our expectations regarding demand for, market acceptance and commercialization of our products and solutions. UAM services, our relationships with strategic partners, and current issues and potential issues relating to us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe that such expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only expectations and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause EHang's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Investor contact: ir@ehang.com
Media Contact: pr@ehang.com

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