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  "docSlug": "eeb36d3ea12a",
  "documentTitle": "EHang Holdings, Ltd. (EH)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "This is a short-seller research note alleging fraud based on physical site inspection.",
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      "text": "This reminded us of the China-based frauds we exposed a decade ago, who simply didn’t have enough employees to be manufacturing in the volumes they claimed.",
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      "text": "Walking up to the entrance, we noticed there was only one security guard at the front door. We were able to simply walk around back and go right in the wide-open back door (see picture below):",
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      "text": "We walked freely throughout the facility for ~20 minutes on a weekday afternoon without seeing a single employee working on any of the 3 supposed manufacturing floors of the building.",
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      "text": "First, the facility has near zero security... (~$287,000 a unit).",
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      "text": "We visited EHang’s corporate headquarters/main manufacturing facility in Guangzhou and found that EH’s supposed manufacturing facility lacks advanced manufacturing equipment, a basic assembly line, and was practically empty on a weekday afternoon:",
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