伯恩斯坦-全球储能：这会是航空业的未来吗？-Global Energy Storage;Global Energy Storage：Is this the future of aviation-20260209

9February2026

GlobalEnergyStorage

GlobalEnergyStorage:Isthisthefutureofaviation?

NeilBeveridge,Ph.D.

+85221232648

neil.beveridge@

BrianHo,CFA

+85221232615

brian.ho@

HengliangZhang

+85221232629

hengliang.zhang@

LastweekwetestedE-Hang’sbatterypoweredEVTOLaircraft.Itwasourfirsttimetotryoutthetechnologyfirsthand…andwewerenotdisappointed.Theridewassomewherebetweenalightaircraftandahelicopter.Theflightwassmoothandstable,

butalittlenoisierthanweexpectedwithsomevibration.Thecabinisalsoquitecompact.

Overallitfeltsafeandanexperiencewewouldbemorethanhappytorepeat.

Certificationremainskeytogettingcommercialoperationsunderway,anditfeels

closerthanever.Afterthreeyearsofrigoroustesting,EHang’sEH216-SsecureditsTypeCertificate(TC)fromCAACinOctober2023andtheirOperatingCertificateinMarch2025.E-HangstillrequiresapprovalfromtheCAACforittrainingprogram,whichhasdelayedthestart-upofcommercialoperations.Thiscouldhappenin2026,andifitdid,itcouldopenthepathwaytopaidcommercialflights.Atthesametime,thecompanyishopefulofsecuring

ordersinThailandtostartoperationsfortourismandairtaxiservice.

Theglobalurbanairmobility(UAM)marketlookssettotakeoffata30%CAGR

overthenextfiveyears,withChinapoisedtoleadtherevolution.Whilethetraditionalhelicoptermarketcommandsatotaladdressablemarket(TAM)ofUS$30-40bnwith

1,000-1,500annualdeliveries,theeVTOL/UAMsectorisontracktofarsurpassthese

figures.Overthepastthreeyears,annualeVTOLordershaveconsistentlyhit3,000-4,000units,reflectingrobustandsustaineddemand.

Shenzhen’sambitiousplantobuildover1,200takeoffandlandingpoints(vs.70

forhelicopters)highlightpolicysupportforinfrastructure.Chinafirstintroducedtheconceptofthelow-altitudeeconomyinitsnationalpoliciesin2021.Significantregulatorystridesfollowedin2023withinterimUAVflightmanagementmeasures,nationalairspaceclassification,andUAVoperationrules.In2024,Chinaadvancedfurtherbyestablishing

eVTOLpilotzonesinsixmajorcities.Shenzhen’s2025blueprinttodevelop1,200+takeoffandlandingpoints,1,000+commerciallow-altituderoutes,andexpressdeliveryservicescovering70%ofitspopulationby2026representsatransformativeleapininfrastructuredevelopment.

AdvancesinbatterytechnologyandsolidstatebatteriesinparticularsettoenablebiggerandbetterEVTOL.Improvementsinbatteryenergydensityandpowerdensity

overthepastfewyearshavehelpedeVTOLbecomeareality.Batteryenergydensityisnowsufficienttopoweraircraftcarrying2-4-personsoverdistancesof300km.Atanenergydensityof>500Wh/kgaircraftcouldmovefromsmall,nichedemonstratorstocommerciallyviablepassengertransport.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:08Feb202620:30UTCCompletionDate:06Feb202609:53UTC

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BERNSTEINTICKERTABLE

6Feb2026

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Cur

Closing

Price

Target

Rel.

Perf.

Cur2025A2026E2027E

2025A2026E2027E

Price

300750.CH(CATL)

O

CNY

369.11

530.00

13.3%

CNY11.13

15.31

19.46

33.2

24.1

19.0

3750.HK(CATL)

M

HKD

501.50

530.00

NA

CNY11.13

15.31

19.46

40.0

29.1

22.9

373220.KS(LGES)

M

KRW

396,500

363,000

(19.7)%

KRW(5,308.10)

1,811.04

9,536.96

(74.7)

218.9

41.6

006400.KS(SDI)

M

KRW

385,000

310,000

44.3%

KRW(9,933.80)

(509.43)

16,169

(38.8)

(755.7)

23.8

051910.KS(LGChem)

M

KRW

311,500

310,000

4.2%

KRW(13,258.70)

2,042.47

31,253

(23.5)

152.5

10.0

003670.KS(PoscoFutureM)

U

KRW

224,500

190,000

37.7%

KRW(2,740.96)

376.72

898.20

(81.9)

595.9

249.9

247540.KS(EcoProBM)

U

KRW

209,500

106,000

27.2%

KRW(991.00)

279.00

344.00

(211.4)

750.9

609.0

002466.CH(TianqiLithium)

O

CNY

50.20

83.00

26.7%

CNY0.48

3.37

6.30

103.8

14.9

8.0

9696.HK(TianqiLithium)

O

HKD

42.86

78.00

53.4%

CNY0.48

3.37

6.30

78.6

11.3

6.0

ASIAX

1,721.68

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspended

300750.CH,3750.HK,003670.KS,247540.KSbaseyearis2024;

Source:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

Electrificationismovingfromtheroadtotheskies.LastweekwetookatestflightinE-Hang(notcovered)EVTOL(electric

VerticalTake-offandLanding).Wewereimpressedbytheexperience,althoughitisstillearlydays.Ifsuccessful,EVTOLcould

openupthelowaltitudeeconomytothemassmarket.Theglobalorderbackloghasnowreached17,500units,a16%increaseonlastyearreflectingstrongmarketinterest.WhiletheoverallTAMforhelicopters(US$40bn)isconsiderablysmallerthan

passengervehicles(US$3,500bn),thelowercostofeVTOL,coulddramaticallyexpandthedemandforlowaltitudeaviation

relativetotraditionalformsoflowaltitudeaviation.Thepaceofregulatorybarriersandsafetyperformanceareakeyuncertainty,butChinesecompaniesareattheforefrontofthecertificationprocesswithtwocompanies(EHangandAutoflight-bothnot

covered)securingnecessarycertificatesthisyearforcommercialoperation.

RelatedNotes:

ChinaNextWinners:TheriseofeVTOL

FutureofTech:Liftoffforthelow-altitudeeconomy

TheLongView:Batteriestoonlygetbetter

BernsteinEnergy&Power:eVTOL-Pigscan’tfly,butcarswill.

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DETAILS

LastweekwetookourfirstrideinanEVTOL.DuringourvisittoE-Hang(anEVTOLcompany)inGuangzhouwetookthreetestflightsintheEH216,whichisthecompany’sflagshipmodel.TheEH216has16propellorsandisdesignedforshort-range

intra-citytravel.EH216isautonomouslycontrolled,withoutapilot.Inthecenterofthecockpitisalargescreenwhichshowstechnicalflightparameters,althoughnoflightcontrolsareneeded.Thereisanemergencycallbuttonifthepassengerneedstocommunicateatanypointwithgroundstaffwhomonitortheflightfromthecontrolcenter.Ineachflightonepersonwasallowedtofly(accordingtocurrentrules),althoughtheEH216isatwo-seaterandcapabletocarrytwopersons.Theflightlastedfor5-10minuteseachwithagroundspeedofc.15-20km/h(althoughthetopspeedis130km/h)andanaltitudeofc.

500ft.AlthoughtheEH216isdesignedforarangeof30km,weexperiencedashortflightaroundE-Hangheadquarters.TheflyingexperienceintheEH216feltsomewherebetweenanaircraftandahelicopter.ThepassengerexperienceofsittinginsidetheEH216wasalittlemorenoisythanweexpected,althoughnotnearlyasnoisyasahelicopter.However,itdidfeelmore

comfortabletowearearphoneswhichareprovided.Therewasalsosomevibrationfromtherotors,althoughtherideitselfwassmooth,comfortableandfeltverystable.Overallanexperiencewewouldbehappytorepeat.

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EXHIBIT1:WevisitedEHanginGuangzhouandhadtheopportunitytoexplorethecompany'smodelsandflighttest

Source:Bernsteinphotos

EVTOLarepartoftheLowAltitudeEconomy,anewindustrywhichisgainingconsiderableattentionglobally,butespeciallyinChina.Thelow-altitudeeconomyencompassesalleconomicactivitiesinvolvingmannedandunmannedaircraftoperatingbelow1,000meters.Thisincludesurbanairmobility,logistics,agriculture,andemergencyservices.

ChinahaselevatedtheLow-AltitudeEconomytoatop-tiernationalstrategicpriority,treatingitasa"newgrowthengine"andavitalsectorfor"newqualityproductiveforces."Atthenationallevel,between2021and2025,theStateCouncilandrelevantministrieshaveissuedaseriesofpoliciespositioningthelow-altitudeeconomyasastrategicemergingindustryandanew

growthengine.

Currently,over45provincesandcities,includingBeijing,Shenzhen,andGuangzhou,haveintegratedlow-altitudeeconomydevelopmentintotheirgovernmentworkplans,introducingsupportivepolicies.Eachcityhasplannedhundredsoflanding

pads,underscoringthecriticalroleofinfrastructureconstruction,whichheavilyreliesongovernmentbacking.Onthefundingfront,somelocalgovernments,suchasShenzhen,providesubsidiesrangingfromRMB100to300perpassengerflightforeVTOLoperations.Furthermore,morethanRMB50bninfundinghasbeenallocatedtosupportthelow-altitudeeconomy

industry.

In2025,Shenzhen’sHigh-QualityLow-AltitudeInfrastructureConstructionPlan(2024–2026)setsanambitiousbenchmark.TheplanaimstopositionShenzhenasagloballow-altitudeeconomyleaderbyestablishingaglobalR&Dheadquarters,ahigh-endmanufacturinghub,anall-scenariodemonstrationcenter,andaone-stopsolutionssupplycenter.By2026,Shenzhen

planstobuild10industrialparksand2specializedparks,supportedbya"1+5+4"R&Dandtestingsystem.Withover1,200takeoffandlandingpoints,morethan1,000commerciallow-altituderoutes,andexpressdeliveryservicescovering70%ofthepopulationwithin2-hourintra-cityand4-hourintercitywindows,Shenzhentargetsfull-chaininnovationwithanexpectedoutputexceedingRMB130bn.WeappreciatetheShenzhengovernment’sclearguidanceonadoptingthelow-altitude

economy,whichshouldserveasapositivesignalforothercitiesacrossChinatofollow.

HOWBIGCOULDTHEEVTOLMARKETBE?

ImprovementsinbatteryenergydensityandpowerdensityoverthepastfewyearshavehelpedeVTOLbecomeareality.Atan

energydensityof>500Wh/kgaircraftmovefromsmall,nichedemonstratorstocommerciallyviablepassengertransport.CATL

hasalreadysuccessfullyflighttesteda4-toncivilelectricaircraftusing500Wh/kgcondensedbatteriesandplanstoreleasean

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8-tonmodelby2027-2028.

Batterieswillonlygetbetterastechnologyimproves.Chinesebatterymanufacturersleadwithcostadvantagesdrivenbydeepdomesticsupplychains,massivescale,andstronggovernmentbacking,poweringtheeVTOLindustry’srapidascent.

Keyapplicationsinclude

•Regionalpassengerjets:Technicalanalysissuggeststhat500Wh/kgistheminimumthresholdrequiredfora90-seatregionalaircrafttoachieveamissionrangeof800-1,000km.Thisrangecoversapproximately50%ofallscheduledpassengerflightsglobally.

•Narrow-bodyaircraft:Whilenarrow-bodyaircraft(liketheA320orB737)requireevenhigherdensities(~600-800Wh/

kg)forfullelectrification,500Wh/kgenablesinitialhybridconfigurationsorshort-haulspecializedroutesthatarecurrentlyimpossible.

•eVTOL&Airtaxis:Advancedurbanairmobility(UAM)platformsrequire400–600Wh/kgtoprovidemeaningfulreservesandmulti-hoprangewithoutrecharging,whichiscriticalfortheeconomicsof"airtaxi"services.

Whilepassengerjetsmaytakesometime,theadvantagesofeVTOLareobvious.Traveltime,comfort,distance,andprice

determineswhatmodeoftransportpeoplewilltake.eVTOLcancoverdistancesofbetween20kmto400km,whichputsitinasimilarrangeashelicopter.ButunlikeahelicopterwhichcostsuptoUS$5-10MMandrequiresaprofessionalpilot,someeVTOL’sarebeingpricedtodayatonetenthoftheprice(US$<300k)andwethinkarelikelytofallmuchfurtherinpriceaswehaveseenwithelectricvehicles.

EXHIBIT2:Comparedtohelicopter,theeVTOLhasthepotentialtoreducethetripcosttoUS$0.5-1.5perseat-kilometer

6

5

4

3

2

1

0

3.0-5.0

Costperkmandseat,US$

0.3

0.3

~50%reductionin

maintenanceand

repair/hour

Single-pilotvs.

fully

autonomous

vehicle

US$5-25vs.

~6.0hours/dayvs.~1.5

hours/day

US$5.5/gallon

vs.

US$0.13/kWh;electricmotormoreefficient

0.3

0.3

US$750kvs.

US$1.5MM

0.5-1.50.3

US$50-250infees

0.6

0.3

0.30.6

0.5-1.0

Current

helicopter

cost

CurrentUbercost

MaintenanceEnergyPilotVehicleInfrastructureUtilizationPotential

UAM-vehiclecost

Incrementalreductioninlong-termcostsPotentialsavingsduringinitialoperations

Source:McKinsey&Company,Bernsteinanalysis

Thisimpliesthatunlikehelicopterswhichremainthedomainofthesuperwealthy,eVTOLcouldbeaffordabletothemasses,openingpotentiallylimitlessdemand.Accordingtosomeresearch,thecostperseatcouldbeaslittleasUS$1/km/passengerwhichwillbeaffordabletothemasses.

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EXHIBIT3:US$0.5perseat-kilometer(or50%ofcostbase)isindependentofaircraftsize.Howeveritispossiblethatthepilotscostscouldbesavedwiththecommercializationofautonomousflight

1.0

0.9

Costperkmandseat,US$

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0.0

Infrastructure

$0.25

Pilots

$0.19

Datacost,

AOC/Airtrafficfees

$0.06

$1.00

$0.13

$0.13

$0.06

$0.06

$0.06

$0.06

Maintenance&Spares

Tax

Depreciation

CustomeracquisitionBatteryreplacementsEnergy

Fullcostperavailableseat-kilometerFixedVariable

Source:Liliumpresentation,Bernsteinanalysis

WhilewidespreadeVTOLuseindailylifeisunlikelyinthenearterm,orderbacklogsprovideausefulindicatorofindustry

commercializationprogress.BytheendofQ32025,cumulativeeVTOLordersexceeded17,500units,a16%increase

comparedtoQ42024,thoughmanyremainpre-ordersorexpressionsofpurchaseintent.Overthepastthreeyears,order

growthhasconsistentlyrangedbetween3,000and4,000unitsannually,demonstratingsustainedcustomerinterest.Notably,in2025,totalordersincreasedbymorethan2,500units,with1,600fromChinaand900fromotherregions.OrderactivityinChinaacceleratedparticularlyinthesecondhalfof2025,coincidingwiththeinauguralInternationalAdvancedAirMobilityExpoheldinShanghaiinJuly.

Thelow-altitudeeconomyisabroadconcept,anditisdifficulttoclearlydefinetheoverallTAM.Industrialresearchhasforecastagrowthof20-30%CAGRoverthenextfewdecades.InChina,leadingcitieslikeShenzhenandGuangzhoutargettoincreasetheTAMoflow-altitudeeconomytoRMB50-150bnbefore2027.China’sofficialstatenewsagencyXinhuaNewsexpects

theTAMofChina’slow-altitudeeconomytoincreasetoRMB2,000bnby2030,representinga3xgrowthcomparedto2023.

Growthdriversincluderisingdemandforurbanairmobilityandexpandingdroneapplicationsinlogisticsandagriculture.

Lookingfurtherahead,advancementsinautonomousflighttechnology,supportedbyartificialintelligence,areexpectedto

enhancetheefficiencyandsafetyoflow-altitudeoperations.Thiswilldeepenintegrationwithotherindustries,unlockingnewbusinessopportunitiesandeconomicbenefits.

E-HANG-CHINA’SLEADINGEVTOLCOMPANY

E-HangwasfoundedbyHuazhiHuin2014.Hu,acomputerscientistfromTsinghuawhopreviouslyworkedasChiefTechnologyOfficeratBeijing999EmergencyCenter.MrHuisarecipientoftheTechnologyInnovationAwardandiswidelyseeninthe

industryasavisionaryinthelowaltitudeeconomy.

E-HangisuniqueinthatitistheonlyEVTOLcompanyintheworldwhichhasallthreelicensestocommerciallydesignand

buildanEVTOLandoperateacommercialEVTOLservice.ThisincludestheTypeCertificate(2023),theProductionCertificate(2024)andtheOperatingCertificate,thelastofwhichwasawardedinMarch2025.Toqualifyforcommercialdelivery,the

aircraftmustobtainatypecertificate(TC),aproductioncertificate(PC)andanairworthinesscertificate(AC)issuedbytheCivilAviationAdministration.Thetypecertificate(TC)isthemostimportant,butalsothemostchallengingtoobtainamongthethreecertificates,withalongcertificationperiodandhighcertificationcosts.Ingeneral,therearefivestepstosecureaTCaccordingtotheFAA,namelyconceptualdesign,requirementsdefinition,complianceplanning,implementation,andpost-certification.

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Mar'25

LiftandCruise

LiftandCruise

LiftandCruise

LiftandCruise

EVE

AutoFlight(cargo)

AutoFlightVolant

EXHIBIT4:BothEHangEH216-SandAutoFlightV2000CGhaveobtainedaTC,StandardAC,andPC.JobyandArcherarealsotheleadersinthecertificationprogress

Company

Type

Authority

TypeCertificate

Airworthiness

Certificate

Production

Certificate

Operation

Certificate

TC

Application

submitted

Requirement

Definition

Compliance

Planning

Implementa-

tion

TCApproval

EHang

XPeng

Multi-Rotor

Multi-Rotor

Oct'23

Dec'23

Apr'24

26E

Joby

Tilt-Rotor

26E

27E

Archer

Tilt-Rotor

Vertical

Tilt-Rotor

28E

Aerofugia

Tilt-Rotor

26E

TcabTech

Tilt-Rotor

27E

27E

Mar'24

Dec'24

Jul'25令

26E

26E

Source:Companyannouncements,Bernsteinanalysis

Obtainingallthreecertificateshastakenyearsofdevelopmentandtestingandiswidelyseenasgivingthecompanyafirstmoveradvantageovercompetition.Todate,E-Hanghasconductedmorethan66,000flightsacross21countrieswith

SoutheastAsiaandMiddleEastbeingseenasthehighestpotentialmarketsoutsideofChina.

WhileissuanceoftheOperatingCertificateinearly2025waswidelyseenasapivotalmomentforthecompany,ithasturnedouttobeasteppingstonetowardsthegoalofcommercialoperations,ratherthananendgoalitself.Fromourdiscussions

withthecompany,E-Hangisrequiredtohaveindustrytrainedpersonnelatthepointoftake-offandlanding.Thecompany

hasdesignedatrainingprogramandiswaitingonapprovalofthetrainingprogramfromtheCAAC,whichitexpectsthisyear,althoughthereisnoclarityonexactlywhen.Oncethetrainingprogramisapproved,itwilltakeanother6-8weekstotrainthepersonnelafterwhichcommercialoperationscanbegin.CommercialoperationswillallowE-HangandtheentitiestowhichithassoldEVTOLs,tostartsellingticketforflights.Thiscouldbeaninflectionpointforsales,aswesensethatitwillattract

considerablemediaattentionwhichwillsparkenthusiasmtotrythisrevolutionarynewformofaviation.WhileitseemshighlylikelythatE-Hangwillachievethismilestonein2026(andpossiblyinthecomingmonths),thereisstilluncertaintyintheexacttiming.

E-HangflagshipmodelistheEH216whichisashorthaulinter-cityEVTOLwitharangeof30km.E-HangisdevelopingthenextgenerationVT-35whichisalonger-rangeliftandcruisemodelwithapropellortowardstherearoftheaircraft.Theaircraftis

designedforintercitytravelwithafullyloadedrangeofapproximately200kmandaflighttimeofupto100minutes.E-HanghaveappliedfortheTypeCertificateandsoitislikelytobeseveralyearsbeforetheyreceivefullcertification.TheVT-36is

expectedtocostaroundRMB6MMwhichislessthanUS$1MM.

E-HANGBUSINESSMODEL

ThebusinessmodelofE-HangisdifferenttoothercompaniessuchasJoby,ArcherorevensomeoftheotherChinesestart-

ups.Theconceptistobuildanaffordableaircraft,withapricingpointwhichcanmakeitavailabletothemassmarket.Theprice

oftheEH216is2millionRMB(lessthanUS$300k).ThiscomparestoUS$4MMforsomeoftheUSEVTOLstart-upsandUS

$5-10MMforahelicopter.GiventhatE-Hangonlyproducearound200ofthiseveryyearandmakea60%grossmargin,we

suspectthecostscouldcomedownsignificantlyovertimeastheyscaleupmanufacturing.Someofkeydesignchoicesinclude

1.Autonomousflying.ToreducespaceandweighttheEH216iscontrolledremotelyonapre-programmedroutesoitdoesnotrequireapilot.

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2.Smalleraircraftmeanslessweightandsmallerhelipadwhichincreasesthenumberoflocationsthevehiclecanoperateoutof.Thevehicleweighsupto600kg(withfullpayloadoftwopassengers)whichmeansitcanlandonrooftopsinurbanareaswithminimallandingspace.

3.Twopassengers.Tokeeptheaircraftassmallandaslightaspossibleithasbeendesignedfor2passengersandasmallluggagecompartment.Someoftheothercompetitorsaretargeting4-5people,whichmakestheiraircraftbigger,heavierandmoreexpensive.

ThereareseveralapplicationsfortheEH-216.Thetargetedusesaretourism,urbanmobility,firefighting,mountainrescueandlogistics.

Tourismisthebiggestnear-termopportunityinChina.TheinitialordersfortheEH-216arefromcompanieswhichwillusethecrafttogivecustomersaflightaroundmajorattractionssuchasnationalparksormonuments.ThinkflyingabovetheGreat

WallofChina.Urbanmobilityisanotherkeybusinessapplication.E-HanghavebeenworkinginThailandandDubaitodevelopacommercialservicetoprovidetransportationservices.AnexampleisPhuketinThailand,wheretouristsarrivingattheairportcouldtakeandEVTOLdirectlytotheirhotelreducingtraveltimefrom90minutesto15minutes.WiththerelativelylowcostoftheEH-216,E-Hangbelievethatacompanycouldachievepaybackinlessthan2yearsbychargingUS$50-100pertrip(notmuchmorethananUber).

E-Hanghaveanorderbacklogof1000,althoughitishardtoknowhowfirmthisisoroverwhatperiodthiswouldbeconvertedtosales.Thecompanycurrentlymanufactures200-250vehiclesperyear,buthasacapacitytomanufacture1000.Intheory,thiscouldallowE-HangtoexpandrevenuefromRMB500MMtoRMB2bn.Withagrossmarginof60%,thereisplentyof

operatingleverageinthebusiness.E-Hangcurrentlyhasc.RMB1bnincashandnoplanstoraiseequityasweunderstand.

EXHIBIT5:Globalpassenger-carryingeVTOLpeerscompetitionlandscape

Company

Volocopter

Joby

Archer

Lilium

Vertical

EveAirMobility

YearofEstablishment

2011

2009

2018

2015

2016

2020

FundingRound

Model

ERound

Listed

Listed

Delisted

Listed

Listed

Volocity

S4

Midnight

LiliumJet

VX4

Type

Multi-Rotor

Tilt-Rotor

Tilt-Rotor

Tilt-DuctedFan

Tilt-Rotor

Lift-and-Cruise

FlightControl

Piloted

Piloted

Piloted

Piloted/Autonomou

s

Piloted

Piloted/Autonomou

s

PassengerCapacity

1Pilot,

1Passenger

1Pilot,

4Passengers

1Pilot,

4Passengers

1Pilot,

6Passengers

1Pilot,

4Passengers

1Pilot,

5Passengers

Wingspan(m)

11.3

10.7

14.0

13.9

15.0

Length(m)

9.3

7.3

8.5

13.0

MaximumTake-OffWeight(kg)

900

2,404

3,175

1,000

Maximumdesignspeed(km/h)

110

322

241

250

241

Flightrange(km)

35

161

32-80

250

161

100

SellingPrice(US$'000)

5,000

4,500

4,000

5,000

Source:Companies’websites,pressreleases,e-VTOL.news,Bernsteinanalysis

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EXHIBIT6:Chinesepassenger-carryingeVTOLpeerscompetitionlandscape

CompanyEHangAutoFlightXPengTcabTechAerofugiaVolantVertaxi

YearofEstablishment2014201720202021202120212021

FundingRoundListedARoundB1RoundBRoundBRoundPre-BRoundPre-BRound

Model

EH216-S

Prosperity

X3-F

E20

AE200

VE25-100

Matrix1

Type

Multi-Rotor

LiftandCruise

FlyingCar

Tilt-Rotor

Tilt-Rotor

LiftandCruise

LiftandCruise

FlightControl

Autonomous

Piloted

Piloted/Autonomou

s

Piloted/A