EHang Provides Details of its Sales Contracts and Firmly Refutes Short-Seller’s Allegations
February 22 2021 - 6:37AM
EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the
world's leading autonomous aerial vehicle (“AAV”) technology
platform company, today provides additional details concerning its
sales contracts with a customer, and further refutes the false
allegations made by Wolfpack Research, a short-seller.
Shanghai Kunxiang Intelligent Technology Co.,
Ltd. (“Kunxiang”) is only one of EHang’s many customers and it is
not a related party of EHang. Set forth below are details
concerning EHang’s sales to Kunxiang.
1. In 2019, EHang generated revenues of RMB29.2 million (US$4.2
million) from Kunxiang, representing 24% of its total revenues for
the same period.
2. These revenues were entirely related to the two sales
contracts: (i) a contract dated February 1, 2019 for the sale of 3
passenger-grade AAVs and (ii) a contract dated June 3, 2019 for the
sale of 20 passenger-grade AAVs.
3. The table below sets out the details relating to the
Company’s sales to Kunxiang in 2019:
Total units sold to Kunxiang in 2019 |
22 (21 units of EH 216 and 1 unit of EH 116) |
Contract unit price (inclusive of VAT of 13%) |
RMB1.5 million |
Ex-VAT unit price (exclusive of VAT of 13%) |
RMB1.327 million |
Revenues from sales to Kunxiang |
RMB29.2 million |
Percentage of revenues from sales to Kunxiang in the total revenues
in 2019 |
24% |
4. Please see below for additional details
concerning the 22 units of passenger-grade AAVs sold to Kunxiang in
2019:
|
Reference No. |
Model |
Delivered Location |
1. |
EH21000002 |
EH116 |
Suzhou, Jiangsu Province |
2. |
EH21000004 |
EH216 |
Dalian, Liaoning Province |
3. |
EH21000006 |
EH216 |
Kashgar, Xinjiang Province |
4. |
EH21000007 |
EH216 |
Suzhou, Jiangsu Province |
5. |
EH21000015 |
EH216 |
Changchun, Jilin Province |
6. |
EH21000016 |
EH216 |
Hengyang, Hunan Province |
7. |
EH21000017 |
EH216 |
Dalian, Liaoning Province |
8. |
EH21000018 |
EH216 |
Dalian, Liaoning Province |
9. |
EH21000019 |
EH216 |
Turpan, Xinjiang Province |
10. |
EH21000021 |
EH216 |
Dalian, Liaoning Province |
11. |
EH21000022 |
EH216 |
Taizhou, Zhejiang Province |
12. |
EH22000001 |
EH216 |
Dalian, Liaoning Province |
13. |
EH22000002 |
EH216 |
Yangjiang, Guangdong Province |
14. |
EH22000003 |
EH216 |
Taizhou, Zhejiang Province |
15. |
EH22000004 |
EH216 |
Yangjiang, Guangdong Province |
16. |
EH22000005 |
EH216 |
Shijiazhuang, Hebei Province |
17. |
EH22000006 |
EH216 |
Yangjiang, Guangdong Province |
18. |
EH22000007 |
EH216 |
Yangjiang, Guangdong Province |
19. |
EH22000011 |
EH216 |
Ningbo, Zhejiang Province |
20. |
EH22000015 |
EH216 |
International |
21. |
EH22000016 |
EH216 |
International |
22. |
EH22000017 |
EH216 |
International |
5. Approximately 71% of the revenues the Company
generated from sales to Kunxiang in 2019 has been collected.
6. With EHang’s passenger-grade AAVs, Kunxiang
has explored businesses in a number of areas, including aerial
sightseeing, emergency transportation and aerial firefighting in
different locations. According to Kunxiang and publicly
available information, Kunxiang has conducted series of trial
flight activities of EH216 in 17 cities across China, including
Changchun, Yantai, Suzhou, Turpan, Shenyang, Hangzhou, Yangjiang,
Panjin, Harbin, Lanzhou, Tianjin, Ningbo, Shijiazhuang, Dalian,
Xi'an, Hengyang and Fuxin, among others in additional to its
internal trial flight activities. Most of these activities have
been reported by media. Detailed information can be found in a
video of selected public trial flight activities at Kunxiang’s
Douyin (the Chinese version of TikTok) account (ID: 2211017075) and
via this YouTube channel (link).
7. Kunxiang is a customer that focuses on aerial
tourism as its core business. As a leader in AAV technology, EHang
has developed solutions for a broad range of applications, such as
aerial transportation, logistics, aerial tourism, aerial
firefighting, smart city management and aerial media.
EHang has attracted a number of customers and strategic partners,
including private companies, multinational companies and local
governments both in China and abroad. As previously communicated,
Kunxiang is no longer the largest customer of EHang in the fiscal
year ended December 31, 2020.
EHang is in the process of taking legal actions
against Wolfpack Research for its malicious act and false
allegations in order to protect the interests of the Company and
its shareholders.
About EHangEHang (Nasdaq: EH)
is the world's leading autonomous aerial vehicle (AAV) technology
platform company. Our mission is to make safe, autonomous, and
eco-friendly air mobility accessible to everyone. EHang provides
customers in various industries with AAV products and commercial
solutions: air mobility (including passenger transportation and
logistics), smart city management, and aerial media solutions. As
the forerunner of cutting-edge AAV technologies and commercial
solutions in the global Urban Air Mobility (UAM) industry, EHang
continues to explore the boundaries of the sky to make flying
technologies benefit our life in smart cities. For more
information, please visit www.ehang.com.
Safe Harbor StatementThis 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 terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “likely to” and similar
statements. Management has based these forward-looking statements
on its current expectations, assumptions, estimates and
projections. While they believe these expectations, assumptions,
estimates and projections are reasonable, such forward-looking
statements are only predictions 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 these forward-looking statements.
Media Contact: pr@ehang.com
Investor Contact:
ir@ehang.comIn the U.S.: Julia@blueshirtgroup.comIn China:
Susie@blueshirtgroup.com
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