J P M O R G A N Asia Pacific Equity Research 23 November 2025 China eVTOLs Tour Takeaways — Inside China's eVTOL reality: Breakthrough tech, tight rules, and a long road ahead Our Guangzhou eVTOL immersion tour on 19 November — which comprised: 1) a visit to XPeng Aridge's prototype showroom and a discussion with its product developers, 2) a lunch discussion with a high-level industry expert, and 3) a supervised test ride on EHang's EH216 — reinforced our view that China's low- altitude aviation industry ha ...