FutureFlight
South Korean Music Producer Backs EHang's eVTOL Plans with New Investment
EHang expects to start delivering its autonomous eVTOL vehicle to clients in China and other Asian countries by the end of 2023.
EHang is developing eVTOL air services at Shenzhen in China.
EHang is working with China's Bao'an district government to develop eVTOL aircraft services in the city of Shenzhen. (Image: EHang)

South Korean music producer and entrepreneur Lee Soo Man is investing $23 million in eVTOL aircraft developer EHang. The Chinese manufacturer announced the private share subscription agreement on July 12, explaining that 80 percent of the new capital will be deposited in three business days with the rest to follow when the transaction closes in the third quarter of 2023.

The company said the proceeds from the new share placement will be used as working capital to enable the “acceleration of strategic plans for technology advancement, business development, and post-certification commercial operations.” The Guangzhou-based group is working to achieve Chinese type certification for its EH216 two-seat autonomous aircraft, while also developing the larger, longer-range VT-30 model.