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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "The slide uses a 'before-after' style comparison of a rendering/model versus reality to discredit the company's claims.",
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      "text": "Despite all of these grand claims, as of February 2021, the Hezhou E-Port doesn’t exist.",
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      "text": "Photo of the scaled-down model of the E-Port",
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      "text": "When we told Dr. Moore about EH's actual R&D budget, he made the following statement: 'I mean, seriously, if they've only spent $10 to $20 million in the development process, they should not even be flying people around in limited demonstrations, it's just, that's really scary.'",
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      "text": "Another false claim EH has made is that it would build the world's first 'AAV E-Port' in Hezhou City, Guangxi Province, China. The Hezhou E-Port would be a 3-story tall, 2,500 sq. meter futuristic-looking glass building with four landing pads on the roof, and it would be 'completed and operational' by Q4 2020.",
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      "text": "Despite all of these grand claims, as of February 2021, the Hezhou E-Port doesn't exist. We couldn't even find a construction permit indicating EH even tried to follow through on this. EH does have a cute scaled down model of the E-Port in its office, though. This seems more realistic to us based on its de minimus CapEx spend last year:",
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      "text": "EH's capital expenditures ('CapEx') compared to the claims it makes are even more unrealistic, in our view. Since its IPO, EH has only spent RMB3.1 million ($445k) on CapEx. Based on Dr. Moore's assessment of the cost to build out this infrastructure, EH has spent ~0.5% of what would be required to complete this infrastructure in the past year. At this rate, EH could potentially build the UAM infrastructure it constantly promotes in the next ~200 years.",
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      "text": "I mean, seriously, if they've only spent $10 to $20 million in the development process, they should not even be flying people around in limited demonstrations, it's just, that's really scary. — Dr. Moore",
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      "text": "21 https://www.ehang.com/news/638.html\n22 http://zjj.gxhz.gov.cn/zwgk/sgsxx/index_4.shtml",
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      "text": "April 2020: The Hezhou “E-Port”",
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