Shanghai Shi Technology

About Shanghai Shi Technology

Shanghai-based TCab Tech, formally Shanghai Shi Technology Co., Ltd., was established in May 2021 by a team of engineers led by founder and CEO Yon Wui Ng. Ng brings considerable aerospace experience to the venture, having previously served as the Vice General Manager for Geely Terrafugia, where he was responsible for the TF-2A eVTOL aircraft, and prior to that, spent a decade at the Airbus China Engineering Center, including a role as Head of Engineering. The company is focused on the advanced air mobility (AAM) market, developing electric vertical take-off and landing (eVTOL) aircraft for aerial ridesharing services. The name 'TCab' is a portmanteau of 'time taxi', reflecting its mission to provide time-efficient and affordable transportation.

The company's flagship product is the E20, a five-seater (one pilot, four passengers) eVTOL aircraft. This aircraft utilizes a tilt-rotor configuration, featuring six electric motors that power six propellers. Four of these are tilt-propellers for both vertical lift and forward flight, while two are double-stacked rotors dedicated to vertical take-off and landing. This design allows the E20 to combine the vertical agility of a helicopter with the speed and efficiency of a fixed-wing plane. Key performance specifications include a cruise speed of 260 km/h (162 mph), a maximum speed of 320 km/h (199 mph), and a range of 200 km (125 miles). The aircraft, constructed from carbon fiber composite, has a maximum payload of 450 kg (992 lb) and features a high seagull wing design for passenger safety and ease of access. Safety is a core design principle, incorporating Distributed Electric Propulsion (DEP) for redundancy, meaning the aircraft can land safely even if one or more motors fail. In the event of a total propeller failure, the E20 is designed to glide to a landing.

TCab Tech's business model revolves around manufacturing and selling the E20 aircraft and eventually operating a Mobility-as-a-Service (MaaS) platform. The initial target market is the tourism industry, followed by on-demand urban air taxi services. The company has already secured significant commercial interest, including a landmark agreement with UAE-based Autocraft for the purchase of 350 E20 aircraft, valued at USD 1 billion, to serve the Middle East and North Africa (MENA) region. Another major order came from BOC Leasing, a subsidiary of Bank of China, for 100 aircraft. To support production, TCab Tech broke ground on its first manufacturing facility in Wuhu City, Anhui Province, in August 2025. This facility will have an annual production capacity of 200 aircraft.

The company has progressed rapidly through several key milestones. Following its founding in May 2021, it completed transition flights with sub-scale prototypes and rolled out the full-scale E20 prototype in June 2023, with its first flight in October 2023. That same month, the Civil Aviation Administration of China (CAAC) accepted its application for type certificate, a crucial step towards commercial operation. TCab has successfully raised over $100 million in funding through multiple rounds, with investors including BlueRun Ventures, Decent Capital (founded by Tencent co-founder Jason Zeng), Grand Flight Investment, and Lanchi Venture Capital. The firm has also established strategic partnerships with Safran for the E20's electric motors and with the Civil Aviation Flight University of China to develop flight standards and talent for the eVTOL industry.