Shares of EHang Holdings Ltd (NASDAQ:EH) surged more than 5% on Monday, following the announcement of a strategic partnership with Zhuhai Enpower Electric to co-develop electric motor drive systems for EHang's electric vertical take-off and landing (eVTOL) aircraft.
According to the agreement, the two companies will jointly develop customized electric motors and motor controllers that meet the specifications of EHang's eVTOL products and satisfy the airworthiness requirements of civil aviation authorities.
This collaboration is expected to enhance EHang's technological capabilities in the rapidly growing urban air mobility market. By leveraging Enpower's expertise in electric motor technology, EHang aims to improve the performance and efficiency of its eVTOL aircraft, which could potentially lead to increased commercial adoption and revenue opportunities.
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