EHang 2Q Results Dip as It Adjusts to eVTOL Aircraft Operations Business Model
The Chinese eVTOL aircraft developer says it is making progress in bringing its EH216 into commercial service, but costs continued to outstrip income during the second quarter of 2021.
Operating losses at Chinese eVTOL aircraft developer EHang increased almost fourfold during the second quarter of 2021 to reach RMB 74.9 million ($11.6 million). In the three months through June 30, group revenues were down almost 66 percent on the same period in 2020 at RMB 12.2 million ($1.9 million).
According to the Nasdaq-listed public company, the dip in financial performance is due to its being in the process of making a “strategic transition into a more operation platform-orientated model.” During the second quarter, EHang did improve margins through activities such as operating a command-and-control system for a smart city management project that was recently concluded.
