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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "presentationDate": "2021-02-16 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide uses visual evidence (photo) to contradict claims of manufacturing capability and highlights financial risk via a footnote citation.",
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      "text": "It was clear that this building was far from any kind of production or manufacturing. At best, some areas may have been staged for pictures to be used in a future press release, in our opinion.",
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      "text": "Photo of a sparse, empty-looking facility floor with four EH216 units.",
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      "text": "The management committee also said they were “uncertain whether or not Yunfu EHang’s funding would be available” which raises many questions about EH’s purported government support for this facility, as well as its own financial stability and long-term prospects from a financial perspective and regulatory perspective; both of which are critical for a EH.8",
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      "text": "In the middle section of the building there was a small room with four EH216s sitting in it, some of which had the cabins separated from their base, but fully assembled aside from that. We saw no assembly line, no manufacturing equipment – not even tools. It was clear that this building was far from any kind of production or manufacturing. At best, some areas may have been staged for pictures to be used in a future press release, in our opinion.",
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      "kind": "quote",
      "text": "“uncertain whether or not Yunfu EHang’s funding would be available” — Management Committee. \"Our PRC subsidiaries have received various financial subsidies from PRC local government authorities. The financial subsidiaries result from discretionary incentives and policies adopted by PRC local government authorities. The discontinuation of such financial subsidies or imposition of any additional taxes could adversely affect our financial condition and results of operations.\" — EH 2019 20-F, p. 32",
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      "text": "8 EH 2019 20-F, p. 32: “Our PRC subsidiaries have received various financial subsidies from PRC local government authorities. The financial subsidies result from discretionary incentives and policies adopted by PRC local government authorities. The discontinuation of such financial subsidies or imposition of any additional taxes could adversely affect our financial condition and results of operations.”",
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