Joby Aviation bets on vertical integration as eVTOL sector nears certification milestone
The electric vertical take-off and landing sector is entering its certification sprint, and aircraft availability rather than passenger appetite is now the binding constraint for early operators. Against that backdrop, Joby…
Key takeaways
- Joby Aviation is in the fifth and final stage of FAA type certification and has its first FAA-conforming aircraft ready for flight testing under Type Inspection Authorization with FAA pilots.
- Joby uses a vertically integrated model, developing and manufacturing its own eVTOL and building its own service network rather than selling to third-party operators.
- Toyota and Joby have formed a joint venture for high-volume commercial production, with Toyota set to invest an additional $250 million in Joby.
- Management expects commercial air taxi service to begin around 2027, while Wall Street consensus from Visible Alpha puts profitability and positive cash generation at 2032.
- Joby's acquired Blade passenger business grew second-quarter seats sold 50% year over year, with Hamptons revenue up more than 40%.
The electric vertical take-off and landing sector is entering its certification sprint, and aircraft availability rather than passenger appetite is now the binding constraint for early operators. Against that backdrop, Joby Aviation (NYSE: JOBY) is advancing through the fifth and final stage of FAA type certification, and CEO JoeBen Bevirt has confirmed the company has its first FAA-conforming aircraft ready for flight testing under Type Inspection Authorization with FAA pilots.
Joby's path is distinct from most of its peers. Rather than selling aircraft to third-party operators or leaning heavily on established aviation technology partners, the company is developing and manufacturing its own eVTOL and building out the service network to operate it. The Blade urban air mobility passenger business, which Joby acquired, is generating the clearest near-term commercial signal. Second-quarter seats sold were up 50% compared to the same period a year earlier, per management. New flyers traveling to and from New York City airports hit their highest count since 2023. Hamptons revenue grew more than 40% year on year, with route expansions and soccer World Cup traffic both cited by Bevirt.
The sector cycle here matters. United Airlines CEO Scott Kirby had questioned the growth of eVTOL airport taxis earlier in the year, comments that landed hard on Archer Aviation, which operates in partnership with United. Joby's airline partner, Delta Air Lines, an investor in the company, has so far maintained its commitment to folding Joby's aircraft into its customer experience.
Toyota joint venture and the production clock
Toyota Motor and Joby have formed a joint venture targeting high-volume commercial production, according to Bevirt. Toyota is set to invest an additional $250 million in Joby and bring its manufacturing expertise to bear. The arrangement targets the capex cycle challenge that every eVTOL developer faces: scaling from conforming prototype to a fleet large enough to carry paying passengers takes time and capital.
Uber Technologies sits in the broader partnership network as both collaborator and investor. The vertically integrated model means Joby retains full control over design, safety, and maintenance schedules, but also absorbs all capital costs directly.
The Wall Street consensus compiled by Visible Alpha puts Joby's path to profitability and positive cash generation at 2032. Management expects commercial air taxi service to begin around 2027. The five years between those two milestones is where investor patience gets tested.
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