A passenger undertakes a test flight in an autonomous aerial passenger vehicle developed by Chinese drone manufacturer Ehang in Guangzhou, Guangdong province. [Photo/Xinhua]

The company has already reached a cooperation agreement with the local government to build a low-altitude aviation transportation network for AAVs.

"Ehang's AAVs will shuttle passengers in a safe, fast, environmentally friendly, cost-efficient and intelligent way," said Hu.

Driven by commercial use of its latest model Ehang 216, the company's revenue structure had improved steadily in 2019, according to Hu.

"We believe that we will bring a tremendous result in revenue in the near future as urban air mobility is becoming a reality," said Hu.

Apart from wide application in smart city management, aerial shows and logistics, Ehang's backbone business will focus on urban air mobility, according to Hu.

According to Xiong Yifang, co-founder and chief marketing officer of Ehang, the company's AAVs had been sold to Europe, the Middle East, North America and Southeast Asia for use in various commercial sectors.

"We are not relying on one single country's market, but the whole global urban air mobility industry," said Xiong.

According to Liu Jian, Ehang's chief financial officer, funds raised in the US IPO would mainly be used in the expansion of its product output, increasing investment in research and development of AAVs, and sales and marketing expansion.