Air taxi maker EHang dips after Hindenburg Research discloses short position
07/11/2023 14:42
** U.S. listed shares of Chinese drone maker EHang Holdings
EH.O drop 8.6% to $13.68
** U.S. short seller Hindenburg Research says after
extensive research it has taken a short position in shares of
EHang
** "Hollow order book and fake sales make this China-based
eVTOL (electric vertical take-off and landing) company last in
line for takeoff," Hindenburg report says
** Hindenburg says co's flagship aircraft is outmatched by
competitors on key performance metrics
** "Aircraft manufacturing is a matter of life and death.
Yet EHang has operated on a shoestring budget relative to peers"
** EHang's competitors have hundreds of millions in cash,
while EHang has only $44.9 million left, representing limited
runway in the capital-intensive aviation industry - Hindenburg
** Through last close, EH stock had gained ~74% YTD, after
having fallen ~43% in 2022
(Reporting by Samrhitha Arunasalam)
((Samrhitha.A@thomsonreuters.com))