Hindenburg Research has issued a report on EHang (NASDAQ:EH), a China-based eVTOL aircraft company, alleging that the company has a hollow order book and fake sales. The report claims that 92+% of EHang's claimed 1,300+ unit preorder book is based on 'dead' or 'abandoned' deals, failed partnerships, and newly-formed customer entities with no discernible operations. It also alleges that EHang's largest deal, a 1,000-unit preorder from United Therapeutics, is 'dead'. The report also raises concerns about EHang's financial position, noting that it has only $44.9 million left in cash, and its recent $23 million capital raise was led by a South Korean music producer with a questionable past. Hindenburg Research has taken a short position in EHang.