EHang Holdings Ltd (EH) saw its stock surge 5.19% in pre-market trading on Friday, driven by the company's announcement of a $30 million share repurchase program. The Chinese urban air mobility technology platform provider's board approved the buyback of its American Depositary Shares (ADSs) or ordinary shares over the next 12 months.

The share repurchase program, which represents approximately 3.1% of EHang's current market capitalization, underscores the company's confidence in its long-term growth prospects and its commitment to delivering value to shareholders. EHang plans to fund the repurchases through its existing cash reserves and cash generated from operations.

EHang's founder, Chairman, and CEO, Huazhi Hu, stated, "This Share Repurchase Program underscores our confidence in EHang's long-term growth potential as well as our capability in continuously delivering value to our shareholders." The company remains focused on advancing its leadership in providing safe, autonomous, and sustainable eVTOL solutions in the Urban Air Mobility sector while maintaining a disciplined approach to capital allocation.