Joby and Archer Take Center Stage in the Race to Make eVTOLs a Reality
It’s a good time to be a top eVTOL manufacturer. Joby, which recently completed a 523-mile test flight of the first-ever hydrogen-powered eVTOL, has seen its share prices rocket 66 percent this year, with a 10 percent jump on Tuesday. Its rival, Archer, has also seen its own stock prices gain 15 percent since January, as it moves into final testing of its Midnight in Abu Dhabi. The competitors both plan to launch commercial networks in the UAE later this year. U.K.-based Vertical Aerospace announced a $60 million capital injection as it moves farther along in the test phases for its VX4 eVTOL.
Joby’s unmanned demonstrator flight was a big deal for the eVTOL sector which, so far, have only used either hybrid gasoline/electric engines or battery-powered electric propulsion. The use of hydrogen creates emissions-free travel that extends the range of the aircraft.
Joby plans to start commercial operations later this year in Dubai, buoyed by investments from Toyota and others.
Joby
Joby’s all-electric S4 currently has a range of about 150 miles, while the liquid-hydrogen version extends it almost fourfold. “We’re excited to now be building a technology stack that could redefine regional travel using hydrogen-electric aircraft,” said JoeBen Bevirt, founder and CEO, in a statement. “Imagine being able to fly from San Francisco to San Diego, Boston to Baltimore, or Nashville to New Orleans without the need to go to an airport and with no emissions except water.”
The development of its all-electric S4 will carry over to hydrogen-electric flight. “We also expect to be able to use the same landing pads, the same operations team, and Joby’s ElevateOS software that will support the commercial operation of our battery-electric aircraft,” says Bevirt. The converted aircraft previously completed more than 25,000 miles of testing as a battery-electric aircraft at Joby’s base in Marina, California.
The Archer Midnight began flight tests earlier this month in Abu Dhabi.
Archer
The stock jump this week came on news that Joby is expanding its facility to double production to 24 S4 aircraft per year. Joby is also expanding its footprint at its facility in Dayton, Ohio. Joby plans to launch operations in Dubai later this year, where it is currently doing tests and completing the first commercial vertiport at the Dubai International Airport. Joby has raised more than $590 million for research and development, including a recent $250 million infusion by its primary investor, Toyota, which has committed to over $500 million. Other partners include Delta Airlines, which made a $60 million investment and secured a five-year exclusive commitment for Joby to become their eVTOL provider at large hubs.
Meanwhile, Archer also plans to launch in neighboring Abu Dhabi by year’s end. The company recently completed tests at the Al Bateen Executive Airport. The goal of the testing to assess the Midnight’s performance in local conditions that include high-heat, humidity and dust. It will be using these results to help complete FAA certification. The announcement by the Trump Administration to fast-track eVTOL certification and implementation gave a boost to manufacturers like Archer, which recently raised $850 million for expansion.
Vertical Aerospace VX4 recently
Vertical Aerospace
Vertical Aerospace recently raised $60 million to proceed with development and testing of its all-electric VX4, which it expects to have ready for certification by 2028. The U.K. aerospace firm is also working on a hybrid variant, which will incorporate gas engines with the electric motors, to extend its range. A new vertiport in Bicester, U.K., will be used for VX4 flight tests. Ultimately, the goal is to connect that facility with Heathrow airport so that international travelers can step off an airplane and onto an eVTOL. The company announced that it successfully flew the VX4 prototype between two airports, Cotswold Airport to RAF Fairford, earlier this week.
But Vertical Aerospace is also facing the same financial headwinds that have sunk other companies in the fledgling eVTOL sector. Vertical’s share prices saw a dramatic drop recently because of concerns about the rate of its cash burn and its change of the VX4’s projected certification date from 2026 to 2028.
Others in the segment, even those once considered the top contenders with viable aircraft, have also experienced financial troubles. German eVTOL manufacturer Lilium shut down operations late last year because of financial losses and the inability to secure loans or raise capital for the development of its electric business jet. Another competitor, Volocopter, was headed in a similar direction before being acquired by Diamond Aircraft Industries, a subsidiary of the Chinese Wanfeng Aircraft Division of Wanfeng Auto Holding Group, in March. That shows that even the best-engineered aircraft can soar, and then experience crash landings without the proper financial backing.
