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  "docSlug": "eeb36d3ea12a",
  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "This is a research note slide from a short-seller report (likely Hindenburg Research or similar) questioning the manufacturing claims of EHang (EH).",
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      "text": "Since we were not able to find any production equipment or raw material inventory on site, we think it is highly likely that EH has the near-finished parts manufactured and shipped in from contractors, performs simple light assembly on site, and then stores units at EH’s corporate headquarters in Guangzhou.",
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      "kind": "paragraph",
      "text": "You can see a clip of our self-guided tour by clicking this link.",
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      "text": "Since we were not able to find any production equipment or raw material inventory on site, we think it is highly likely that EH has the near-finished parts manufactured and shipped in from contractors, performs simple light assembly on site, and then stores units at EH’s corporate headquarters in Guangzhou. Because of the small percentage of labor and equity EH actually vests in the finished product, we question whether EH’s products, including EH216, can be legally claimed as \"manufactured by EHang.\"",
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      "text": "The PRC lawyers we spoke to believe that EH may be violating PRC laws regarding manufacturer certification and labeling, at the least.",
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      "text": "On the third floor, we found hundreds of boxes of pre-manufactured parts, which appear to be parts of the passenger grade EH216 as well as its smaller consumer drones:",
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