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EHang Holdings (NASDAQ:EH) shares are trading higher after the company obtained a type certificate for the EH216-S passenger-carrying UAV system issued by the Civil Aviation Administration of China.
The EH216-S is an innovation with significant differences from conventional aircraft in critical areas, including technical architecture.
The certificate will also immensely simplify the company's ability to get similar certificates for commercial operation in the U.S., Europe and Southeast Asia, CEO Huazhi Hu told CNBC in a video conference interview.
"Next year we should start to expand overseas," Hu added, as noted by CNBC.
The approval demonstrates that the EH216-S's model design fully complies with CAAC's safety standards and airworthiness requirements, and that the EH216-S is qualified for conducting passenger-carrying UAV commercial operations.
With that, the safety, airworthiness, performance, functionality, usability and reliability of the EH216-S have been thoroughly and rigorously validated through over 500 specific test items, more than 40,000 test flights for adjustments.
The company claims it is the first in the world to get such a certificate, which allows it to fly passenger-carrying autonomous electric vertical take-off and landing (eVTOL) aircraft in China.
Hu said Ehang is still evaluating which city in China the company will launch its first air taxi passenger flight in, and declined to share a specific date, the CNBC report added.
Price Action: EH shares are trading higher by 50% to $25.65 premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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