EHang Holdings Limited (NASDAQ:EH) Q1 2020 Earnings Conference Call - Final Transcript
May 29, 2020 • 08:00 am ET
and achieve regulatory breakthroughs in the U.S. and the Europe, paving the way for global expansion after the virus is contained.
Business in China has gradually resumed since the beginning of April. The situation appears to have turned the quarter. Sales are recovering and our business is regaining momentum. Our business opportunities are promising due to emerging opportunities to provide cost effective and safe service with unmanned AAVs.
We are excited to continue to drive a significant business development opportunities in air tourism, emergency response and passenger transport. Notably, we obtained the words first commercial pilot operational approval of passenger-grade AAV for air logistics uses. This starts a new chapter in the commercialization of air logistics.
We are confident that we can generate at least a 200% of revenue growth in 2020. We believe our first-mover advantage, sound growth strategy and ability to execute can drive robust growth.
Edward Huaxiang Xu
As Mr. Hu mentioned, despite the challenging market conditions due to the pandemic, we still strived for rapid growth and a great performance in the first quarter of this year.
We expanded our global presence and raised our brand visibility. Let me cover some achievements in this regard.
In January, with the support from the North Carolina Department of Transportation, we conducted our first ever trial flight of our EHang 216 in North Carolina, after receiving approval from the Federal Aviation Administration. Our EHang 216, became the first autonomous aerial vehicle to fly in the U.S. This achievement underpins our industry leadership and helps to increase customer confidence.
In February, our EHang 216 obtained another operational permits from the Civil Aviation Authority of Norway. This marks another milestone, as it was a first operational permit for long-term flight test of the EHang 216 in Europe. We believe this lays a solid foundation for our future UAM operations in other EU countries.
Now, let me discuss the EU's UAM pilot city initiative. In first quarter of this year, we established UAM partnerships with the city governments of Seville and Lliria in Spain. Both cities are members of the UAM Initiative Cities Community, an EU initiative established to promote urban three-dimensional transportation.
In partnership with this Seville, we will work together to develop urban and mobility services such as passenger transportation, air logistics and command control platform. The city will also collaborate on applications for permission to conduct a test flight in accordance with the Spanish and the European legislation and will coordinate with EHang in the planning of flight routes.
Nearby, EHang will collaborate with EDR City Council to develop of the 3D air mobility solution for smart cities. Together, we plan to launch paralleled operations of passenger-grade AAVs designed to explore different applications scenarios including tourism. Furthermore, EHang and EDR will work together with Spanish Aviation Safety and Security Agency to establish a relevant systems and standards to support this new transportation ecosystem. Going forward, we expect to establish more partnerships with the city government in order to expand our global UAM