EHang posts first annual profit as China's low-altitude economy takes off

by Xue Bingbing

China’s leading eVTOL maker EHang reported its first full-year profit in 2024, driven by surging demand in the country’s booming low-altitude economy. CFO Jiahong Yang said the company has achieved self-sustaining operations and steady growth.

EHang’s flagship EH216-S—currently the world’s only eVTOL certified for type, production, and standard airworthiness—saw strong demand, reversing years of losses.

Revenue jumped 288.5% year-on-year to 456.2 million yuan (US$63.5 million), while adjusted net profit hit 43.1 million yuan (US$6 million), compared to a 138.8 million yuan loss in 2023. The firm also recorded positive operating cash flow of 160 million yuan (US$22.3 million).

Founder and CEO Huazhi Hu called it a "breakthrough moment," making EHang the first profitable eVTOL company globally.

Deliveries of the EH216-S soared 315.4% year-on-year to 216 units, with state-owned enterprises fueling demand. The largest customer, Taiyuan Xishan Ecotourism Investment, has ordered 500 units, while Wencheng County Transportation Development Group ordered 300. EHang has over 1,000 intent orders pending.

To reduce reliance on aircraft sales, EHang is expanding into operations, maintenance, training, and software services. It is also developing logistics and emergency rescue applications.

Production capacity is set to exceed 1,000 units annually by 2025, with expansion in Guangdong, Hefei, and Beijing. The company is partnering with JAC Group and Hefei Guoxing to build an advanced eVTOL factory.

Despite obtaining key airworthiness certifications, EHang is still awaiting an operational certificate (OC) from China’s aviation regulator. Its subsidiaries EHang UAM and HeYi Aviation are among the first in line.

Infrastructure plans include over 100 urban air hubs and scenic-area vertiports with state construction giants. The company has also partnered with the Civil Aviation Flight University of China to train eVTOL pilots and maintenance personnel.

EHang is developing the long-range VT-35 eVTOL to overcome EH216-S’s range limitations. The prototype is undergoing assembly and testing, with plans for full test flights and certification application soon.

As EHang moves toward large-scale commercialization, 2025 could mark a turning point for China’s urban air mobility industry.