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EHang: Hollow Order Book And Fake Sales Make This China-Based eVTOL Company Last In Line For Takeoff
(NASDAQ:EH)
EHang is a $903 #Million market cap, China-based, Nasdaq-listed electric vertical take-off and landing (âeVTOLâ) aircraft company.
The companyâs share price has surged more than 267% over the last year due to market excitement over eVTOL companies, a recently granted aircraft design certification from the Chinese government, and a 1,300+ unit pre-order book, suggesting imminent largescale revenue.
#EHAng has generated net losses since inception and currently trades at ~50.3x its tangible book value, a significant premium to competitors Joby Aviation (4.1x) and Archer Aviation (5.0x). Despite its premium valuation, EHangâs flagship aircraft is outmatched by competitors on key performance metrics.
Aircraft manufacturing is a matter of life and death. Yet EHang has operated on a shoestring budget relative to peers, investing just $97.4 million in cumulative R&D, while competitors Joby and Archer Aviation have invested $761.9 million and $381.1 million, respectively.
EHang's competitors have hundreds of millions in cash, while EHang has only $44.9 million left, representing limited runway in the capital-intensive aviation industry.
Short on cash, in July 2023 EHang announced a $23 million capital raise led by a South Korean music producer who was previously put on an INTERPOL wanted list and sentenced to 2 years in prison for embezzling from a Korean company he founded, according to media reports.
EHangâs much touted, recently granted certification comes with numerous flight restrictions that it has failed to fully disclose to investors. The restrictions invalidate the bulk of its potential commercial use cases, including restrictions against flying in densely populated areas, in shared airspace, and out of sight of a ground crew.
Note :This news published by Hindenburg not financial advise
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