by Fred Fuld III
The concept of eVTOL aircraft—electric vehicles capable of vertical takeoff and landing—has long captured the imagination of futurists. Today, the industry is rapidly evolving, driven by advances in battery technology, regulatory acceptance, and partnerships with major automakers and airlines. Though often branded as “flying cars,” most eVTOL designs resemble compact air taxis more than vehicles that drive on roads. Still, the promise of speeding up congested city commutes via quiet, emissions‑free aerial vehicles has spurred billions in investment.
As of mid‑2025, several pure‑play eVTOL manufacturers are publicly traded, including Joby Aviation (NYSE: JOBY), Archer Aviation (NYSE: ACHR), Eve Air Mobility (NYSE: EVEX), Vertical Aerospace (NYSE: EVTL), Blade Air Mobility (NASDAQ: BLDE), and EHang (NASDAQ: EH). Below we explore Joby and its peer group from an investor perspective.
Joby Aviation (NYSE: JOBY) stands out as a front‑runner among eVTOL firms. Founded in 2009 and publicly listed via a SPAC in 2021, Joby has developed a five‑seat aircraft targeting FAA certification in 2025, with hopes to launch commercial air taxi service in late 2025 or 2026, starting perhaps in Dubai before U.S. approval arrives. Its key specs—200 mph top speed and about 150 mile range carrying one pilot and four passengers—make it competitive in urban air mobility.
From an investor’s standpoint, Joby has several distinct strengths. It has raised substantial capital—Toyota has committed over $500 million as part of a roughly $894 million investment and is partnering on manufacturing in Ohio; other investors include Baillie Gifford, Intel Capital, and Delta Air Lines. Joby also acquired Uber’s Elevate division in 2020 to integrate with Uber’s ride‑hailing platform. On the regulatory front, Joby became the first eVTOL company awarded a Part 135 Air Carrier Certificate, enabling it to begin limited commercial operations with conventional aircraft as a stepping stone.
However, Joby remains pre‑revenue and heavily cash‑consuming. Milestones like aircraft certification, scaling manufacturing, and commercial deployment must align closely or valuation risk increases sharply. Its recent equity offerings—40 million shares at $5.05 per share—raised about $193–$222 million, intended to help fund certification and production ramp‑up, though dilutive for shareholders. Toyota’s share issuance could further increase dilution while increasing financial runway. Joby currently has a $13.55 billion market capitalization.
Archer Aviation (NYSE: ACHR) is another pure‑play listed firm, co‑founded in 2018 and based in San Jose, California. Its two‑seat Maker eVTOL targets roughly 100 mile range and top speeds near 150 mph. Archer’s high profile partnership with United Airlines includes a $1 billion pre‑order for over 200 aircraft, and it’s targeting commercial operations during the 2028 Los Angeles Olympics. It has also joined forces with defense‑tech firm Anduril to develop hybrid VTOL platforms for Pentagon use, a divergence into potential military markets. Archer recently raised $850 million, boosting its cash posture significantly.
From a financial metrics standpoint, Archer is still pre‑revenue with net losses (about ‑$317 million in 2023), modest assets, and equity; its market cap hovers in the $6.7 billion range, compared to Joby’s larger valuation. Recent moves—such as joining Archer’s defense advisory board by Lt. Gen. Scott Howell (formerly at Joby)—signal investor concerns over Joby’s military momentum and confidence in Archer’s strategy in this domain.
Eve Air Mobility (NYSE: EVEX) is the eVTOL arm of Brazilian aerospace giant Embraer. Eve aims for commercial flights by 2026 and has signed letters of intent for up to 54 aircraft in markets including Brazil and the U.S. Embraer’s backing and engineering heritage offer an institutional advantage, though Eve remains early stage and revenue‑less in practice.
Vertical Aerospace (NYSE: EVTL) is a U.K.-based eVTOL start‑up now trading at a heavily distressed valuation (declined from about $2.2 billion to near $655 million) amid cash shortages and delays. Its planned VX4 aircraft has completed hover testing, but passengerflight certification is postponed to 2028 or later. It is currently negotiating urgent funding to survive.
EHang (NASDAQ: EH) of China is unique in being already profitable, and certified its EH216‑S model for commercial passenger and limited autonomous operations by China’s CAAC in early 2025. That gives it a non‑U.S. foothold in eVTOL operations, but its geopolitical and regulatory environment may introduce separate risks.
Blade Air Mobility (NASDAQ: BLDE) is not a pure eVTOL manufacturer—it operates an existing urban air transport platform, using helicopters and seaplanes—but is often lumped into eVTOL market ETFs due to its air mobility business model. Blade’s near‑term revenue is real, though its transition to eVTOL remains speculative.
For investors evaluating this emerging sector, Joby Aviation leads on certification progress, strategic partnerships, and product maturity. Yet its lack of operating revenue and the risk of dilution remain key vulnerabilities. Archer offers a credible alternative with solid airline and defense links, though it too is pre‑commercial. Firms like Eve and EHang bring institutional and regional advantages, but certification and scaling remain hurdles. Vertical Aerospace underlines how capital constraints and execution risks can result in steep de‑rating.
Overall, this high‑risk, high‑volatility group may fit early‑stage speculative portfolios. Diversifying across multiple players and maintaining discipline around entry valuations and milestones—particularly FAA certification timelines, manufacturing scaling, and initial revenue traction—are prudent steps for would‑be investors betting on the eVTOL revolution.
Disclosure: Author didn’t own any of the above at the time the article was written.
