Why EHang Holdings Stock Popped by 10% Today
Next-generation flying machines developer EHang Holdings (NASDAQ: EH) saw its stock rise very much skyward on Friday. The China-based company's shares increased by slightly over 10% in value after it broke news of an important approval of one of its product lines. That stock-price increase was in marked contrast to the slump of the S&P 500 index, which closed the day 0.5% lower.
EHang announced, no doubt happily, that it has received a type certificate (TC) from the Civil Aviation Administration of China (CAAC) for its EH216-S unmanned aerial vehicle (UAV).
The EH216-S, which looks something like a cross between a small helicopter and a giant quadcopter drone, is an electric vertical take-off and landing (eVTOL) passenger unmanned aerial vehicle (UAV) that is intended to serve as an aerial taxi. The type certificate is essentially an approval from the CAAC qualifying the craft for this use. According to EHang, this makes the EH216-S the first vehicle of its kind to earn a TC from a regulator.
Source Fool.com
