【Watch Midhunter】

Chinese flying taxi maker EHang has recently reached a partnership agreement with state-owned automaker GAC Group to develop driverless passenger drones,Watch Midhunter a move chief executive Hu Huazhi told investors on March 15 would “capitalize on” GAC’s well-established industrial chain and manufacturing capability. The two companies said they are planning to jointly build an assembly line for eVTOLs, or electric vertical takeoff and landing vehicles, in the southern Chinese city of Guangzhou, where both are headquartered. Meanwhile, a GAC spokesperson said the automaker expects to accelerate the development of its own flying cars with knowledge and services provided by EHang, Caixin reported on March 16. Revenues for Nasdaq-listed EHang more than tripled year-on-year to RMB 56.6 million ($8 million) in the fourth quarter of 2023, when the company delivered 23 passenger drones, a significant increase from just six units a year prior, sending shares up 12.9% on March 15. [EHang financial report, Caixin, in Chinese]

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