EHang has entered into a strategic partnership with the Guangzhou branch of Agricultural Bank of China (ABC), one of the world's 10 largest commercial banks. ABC Guangzhou is expected to provide EHang with comprehensive banking services, including indicative credit facilities of RMB one billion, around $150m, to support its operations in China. This will offer support for the company's long term sustainable business growth in terms of R&D, manufacturing, and sales and operations.
“We are very pleased to enter into a strategic partnership with ABC Guangzhou Branch,” says EHang founder, chairman and CEO Huazhi Hu. “The RMB one billion indicative facilities for cooperation will further diversify our funding channels and facilitate our financial flexibility and liquidity to support the continuous execution of our strategic plans and drive our growth momentum in the long run.”
“The strategic partnership with EHang is ABC Guangzhou Branch's first with an AAV technology company in the emerging UAM sector,” says president Dalong Li. “We strongly support the improvement of urban transportation and are committed to providing high quality financial services to high tech enterprises in this field. The partnership also demonstrates our determination to actively implement China's 14th five year plan and support the development of strategic emerging industries.”