EHang (NASDAQ:EH) stock is rising higher on Tuesday after the Chinese autonomous aerial vehicle (AAV) technology platform company announced a strategic cooperation agreement.
A press release notes that EHang has signed this agreement alongside the Management Committee of Guangzhou Airport Economic Zone, the Administrative Committee of Guangzhou Economic and Technological Development District and the Guangzhou Automobile Group Co., Ltd (OTCMKTS:GNZUF).
This agreement has each of the entities offering expertise in their areas of operations to create a low-altitude industry ecosystem in Guangzhou. EHang and Guangzhou Automobile Group will work together to further develop the former’s passenger-carrying unmanned aerial vehicles and the latter’s flying cars.
EHang founder, chairman and CEO Huazhi Hu said this about the plan:
“With close collaboration among all parties, we will explore new horizons in the production and manufacturing, sales and marketing, as well as the commercial operation of EHang’s passenger-carrying UAVs, injecting strong momentum into the development of the low-altitude industry in Guangzhou and empowering further leaps in China’s low-altitude economy.”
EH Stock Movement on Tuesday
With today’s news comes an 8.7% increase in the price of EH stock as of Tuesday morning. That comes as some 265,000 shares change hands with investors buying the stock. Traders will note that the daily average trading volume for EH is still above that at about 856,000 shares.
Investors who are searching for even more of the most recent stock market stories are going to want to keep reading!
We offer all of the biggest stock market stories that traders need to know about on Tuesday! That includes everything happening with Piedmont Lithium (NASDAQ:PLL) layoffs, Palantir (NASDAQ:PLTR) earnings and DocuSign (NASDAQ:DOCU) layoffs. You can read up on all of these matters at the following links!
More Stock Market News for Tuesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
