Explain Joby Aviation, a US stock company, in "one page"
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The protagonist of this issue is JOBY.
(0) First, let's state the core conclusion
As the global leader in eVTOL, the core investment logic of Joby Aviation lies in its technological first - mover advantage, strong strategic alliances, and clear commercialization path.
Through in - depth cooperation with Toyota and Delta Air Lines, JOBY has built high barriers in manufacturing and market channels.
The acquisition of Blade's passenger transportation business has locked in the infrastructure and initial passenger flow in core markets such as New York for JOBY, achieving a seamless connection of "operation upon certification".
In the next 1 - 2 years, the key catalysts are the final approval of the FAA model certification and the successful launch of commercial services in Dubai in 2026.
If these two milestones can be successfully achieved, JOBY is most likely to win in the fierce market competition and be the first to verify the feasibility of the eVTOL business model.
*Note: Joby's stock price trend, AlphaEngine
(1) JOBY's development history
Since its establishment in 2009, Joby Aviation has gone through three major stages: technological precipitation, strategic breakthrough, and commercial acceleration, and has gradually established its leading position in the eVTOL industry.
Technological precipitation stage (2009 - 2016)
Joby was founded in 2009 by a team of seven people. In the early stage, it focused on the cutting - edge exploration of eVTOL technology.
In 2012, the company reached a cooperation with NASA and became a technology partner in its electric flight project. This provided Joby with key government resources and R & D endorsement.
During this period, Joby completed the design of the early prototype and successfully verified the feasibility of its core technology - the tilt - rotor, which aims to combine the vertical take - off and landing capabilities of helicopters with the efficient cruising performance of fixed - wing aircraft.
Strategic breakthrough stage (2017 - 2021)
2017 was a turning point in Joby's development. The company received its first strategic investment from Toyota, which kicked off a long - term and in - depth cooperation between the two in the manufacturing field.
The injection of funds accelerated the R & D process. In 2019, the first full - scale prototype successfully completed its test flight, achieving a key leap from theory to practice.
In 2020, Joby received a series of good news. Toyota added nearly $400 million in investment and planned to jointly conduct R & D and production.
In the same year, the company acquired Uber's air taxi business (Elevate) for $50 million, obtaining valuable market channels and operating concepts, and became the world's first eVTOL enterprise to receive flight approval from the US Air Force.
In 2021, Joby successfully listed on the New York Stock Exchange through a merger with a SPAC, providing strong capital support for its subsequent development.
Commercial acceleration stage (2022 - present)
Since 2022, Joby's commercialization process has significantly accelerated.
The company obtained the Part 135 air carrier certificate issued by the FAA, legally qualifying it to operate commercial air taxi services.
2025 was a crucial year for strategic layout. In August, the company announced the acquisition of Blade Air Mobility's passenger transportation business for up to $125 million. This move will help Joby directly integrate Blade's mature reservation system, terminal facilities, and an annual passenger volume of over 50,000, laying the foundation for the seamless transition of future eVTOL services.
As of Q2 2025, Joby had completed 70% of the fourth stage (out of five stages) of the FAA model certification, firmly consolidating its leading position in the industry.
(2) JOBY's core products and technological advantages
Joby Aviation's core product is its flagship model, the Joby S4, a fully electric vertical take - off and landing aircraft (eVTOL) configured for "1 pilot + 4 passengers".
The S4 uses the world's only full - tilt - rotor configuration. Its six rotors can seamlessly switch between vertical take - off and landing and horizontal cruising modes, combining the flexibility of helicopters with the efficiency of fixed - wing aircraft.
To better understand the technological advantages of the Joby S4, we have sorted out the three mainstream technological paths in the current eVTOL field.
Multi - rotor (such as EHang) has a simple structure and low cost, like an enlarged version of a DJI drone. However, it has high energy consumption, is not suitable for long - distance flights, has a short range (about 30 kilometers), and is suitable for short - distance scenarios such as urban sightseeing.
Compound wing / lift - cruise (such as Eve) increases the range to about 100 kilometers by adding fixed wings, but its flight efficiency is average.
It uses one set of rotors for vertical take - off and landing and switches to fixed wings and propellers for level flight. The two systems work separately.
The advantage of this design is that it has lower energy consumption than multi - rotors, is suitable for inter - city flights, and has high safety. The vertical and level flight systems are independent, allowing it to hover or make an emergency landing in case of a failure.
However, the problem is that the vertical rotors become "dead weight" during level flight, wasting energy.
Tilt - rotor (such as Joby, Archer) has the longest range (up to about 300 kilometers) and the highest flight efficiency.
The rotors or ducted fans can tilt. When vertical, they provide lift, and when in level flight, they turn forward to provide thrust, similar to the V - 22 Osprey.
The advantage of this design is that all power systems are involved throughout the flight, with high efficiency and strong load - carrying capacity, making it suitable for the high - end market.
However, it has the most complex technology, with high difficulties in flight control and mechanical structure.
In terms of technological generations, multi - rotors belong to the first generation, compound wings (lift - cruise) belong to the second generation, and tilt - rotors belong to the third generation, with flight efficiency and R & D difficulty increasing in turn.
The full - tilt - rotor technology used by Joby is unique in the world, and its performance is better than Archer's semi - tilt configuration, which determines its stronger competitiveness in the inter - city transportation market.
*Note: Tabulated by FinGPT Agent, the same below
As a representative of the third - generation eVTOL technology, the Joby S4's key performance indicators have significant advantages in the industry:
In terms of endurance, the S4 can fly up to 241 kilometers (about 100 miles) on a single charge, meeting the needs of most inter - city transportation.
In terms of flight speed, its cruising speed ranges from 150 to 300 kilometers per hour, far exceeding that of traditional helicopters and ground transportation.
In terms of noise reduction, the S4 has extremely low take - off and landing noise, enabling it to operate in the city center, which is an advantage that traditional helicopters can hardly match.
The Joby S4 has a R & D cycle of more than a decade. After commercialization, its expected service life is 10 - 20 years. Its technological leadership ensures that the company can enjoy long - term technological dividends during the product life cycle.
(3) The global eVTOL industry's competitive landscape and JOBY's moat
Currently, the global eVTOL (electric vertical take - off and landing aircraft) industry is at a critical juncture, transitioning from the R & D and testing stage to commercial delivery. The competitive landscape shows a hierarchical feature of "one superpower and multiple strong players".
Joby Aviation occupies the leading position with its technological, capital, and industrial synergy advantages. Archer follows closely behind, forming the first echelon.
EHang has achieved global breakthroughs in airworthiness certification and commercial implementation, forming a differentiated advantage. Enterprises such as Vertical Aerospace and Eve Holding are steadily advancing on their respective technological paths, forming the second echelon.
There are significant differences among enterprises in terms of technological configuration, commercialization progress, and resource integration capabilities, which determine their different positions and development potentials in the market.
Currently, the competition among leading eVTOL enterprises has gone beyond the single - technology dimension and shifted to a comprehensive competition in multiple aspects, including "commercialization, regulatory certification, and capital integration".
In terms of commercialization progress, the backlog of over 9,500 orders globally demonstrates strong market potential, presenting a pattern of simultaneous progress in China and the United States.
In the United States, the "piloted + tilt - rotor" route led by Joby is leading in airworthiness certification, while in China, the "unmanned + multi - rotor" route represented by EHang has taken the lead in achieving a closed - loop commercial operation.
The choice of different technological routes directly affects the performance boundaries of enterprise products and the commercialization path.
EHang will deepen its application in the short - distance sightseeing and logistics markets. Joby and Archer will focus on the mid - to high - end inter - city commuting and airport transfer markets.
In the future, cost control, operational efficiency, and user experience will become the keys to differentiated competition.
In terms of regulatory certification, whether an enterprise can obtain type certificates from mainstream regulatory agencies such as the FAA, EASA, and CAAC on time is the key to seizing the market during the 2026 - 2028 window period.
Joby and Archer are leading in the FAA certification system, aiming to start commercial operations in 2026 and focusing on high - end markets such as the United States and the United Arab Emirates.
EHang has taken the lead in global commercial operations with its complete set of three certificates (TC/PC/AC) under the system of the Civil Aviation Administration of China (CAAC), seizing the first - mover advantage.
The commercialization schedules of Eve and Vertical are relatively lagging behind. They plan to obtain certificates in 2027 and 2028 respectively.
In terms of capital integration, Joby has received nearly $900 million in investment from Toyota and support for lean manufacturing. It has also established in - depth cooperation with Delta Air Lines for operations. By acquiring Blade's passenger transportation business, it has achieved vertical integration from manufacturing to operations, aiming to seamlessly take over existing high - end helicopter users.
Archer has joined forces with Stellantis, Boeing, and United Airlines to form a powerful industrial alliance.
Strong capital (both Joby and Archer have cash reserves of about $1 billion) is the cornerstone to support high - cost R & D, certification, and production. This puts greater pressure on second - tier enterprises with relatively tight funds.
(4) The main challenges faced by the eVTOL industry
Currently, the eVTOL industry faces four core challenges.
Firstly, there is a bottleneck in battery technology. The current energy density of lithium - ion batteries (about 300 Wh/kg) is the core shortcoming restricting the range and payload.
The power consumption of eVTOL during vertical take - off and landing is three times that during cruising, and the requirements for battery discharge rate, cycle life, and safety are much higher than those of electric vehicles.
The second challenge is the airworthiness certification barrier. The safety standards for eVTOL are extremely high. The FAA requires the probability of catastrophic accidents to be less than 10⁻⁹ per flight hour. The certification cycle is long, and the investment is huge. There is still a lack of certification experience for complex configurations such as tilt - rotors in China.
The third challenge is the lagging infrastructure. Large - scale commercialization depends on the construction of vertical take - off and landing ports (Vertiports), charging networks, and digital airspace management systems (UTM), which require huge upfront investment.
The fourth challenge is market acceptance. There is a debate between the mainstream "piloted" solution overseas and the "unmanned" solution promoted in China. The latter still faces the test of market trust and consumer acceptance.
(5) JOBY's financial data analysis
As an eVTOL company on the verge of commercialization, JOBY's core financial characteristic is "high investment, almost zero revenue", but it maintains healthy liquidity through its strong financing ability.
Before commercial operation, Joby's financial statements show extremely low revenue and huge expenditures.
From 2022 to 2024, the company's annual revenue was almost negligible.
In 2025, this characteristic became even more prominent. In the first half of 2025, the company's revenue