SAN FRANCISCO — As a child in the 1980s, JoeBen Bevirt envisioned a future with flying cars that could drastically cut down his lengthy commutes between school and his mountain home. Today, as the CEO of Joby Aviation, that vision is inching closer to reality, as he and a team reminiscent of the Wright Brothers are developing a new category of electric aircraft aimed at transforming urban transportation into aerial taxis.
These innovative aircraft, referred to as electric vertical take-off and landing vehicles (eVTOL), take off similarly to helicopters while achieving speeds of up to 200 miles per hour (322 kilometers per hour) and a travel range of around 100 miles (161 kilometers). Notably, these vehicles operate quietly, eliminating the noise typical of conventional helicopters and small planes.
“We are on the cusp of a breakthrough,” said Bevirt, 51, during an event where a Joby air taxi undertook a test flight in Marina, California, just about 40 miles away from his childhood home. “Our goal is to reduce one- or two-hour trips to just five minutes.”
Archer Aviation, a company based in Silicon Valley and supported by automaker Stellantis and United Airlines, has been actively testing its own eVTOL prototypes in rural areas of California. A prototype named “Midnight” was notably observed flying over farmland in Salinas in November.
These tests are significant as Joby Aviation and other promising firms, which have secured billions in funding, endeavor to make flying cars a functional part of daily life rather than merely a fantasy depicted in classic cartoons such as “The Jetsons” or the film “Blade Runner.”
In this ambitious race, both Archer Aviation and Wisk Aero, associated with aerospace heavyweight Boeing and Google co-founder Larry Page, are leading competitors to introduce air taxis to the U.S. market. Joby has already partnered with Delta Air Lines to offer its air taxis to their passengers, while Archer has an agreement to supply United Airlines with up to 200 aircraft.
The burgeoning field of flying taxis has made sufficient progress in regulatory matters with the U.S. Federal Aviation Administration (FAA), resulting in the recent establishment of a new category termed “powered lift.” This marks the first new aircraft category the FAA has launched since the introduction of civilian helicopters in the 1940s.
However, challenges remain concerning further regulatory approvals before air taxis can commence passenger services in the U.S., leading many to speculate that Dubai might be the first city to launch commercial flights of eVTOLs—potentially by year-end.
Alan Lim, director at Alton Aviation Consultancy, remarked on the inherently complex nature of creating an entirely new vehicle category. “This will resemble a slow progression of development,” he explained, expressing that the industry is still in its infancy, “Crawling before we can walk or run. We won’t see the Jetsons-like world of airborne traffic in the next couple of years.”
China is also pursuing the dream of flying cars, gaining attention and interest from leaders like President-elect Donald Trump, who considered prioritizing the initiative for his upcoming administration.
If the efforts of the eVTOL pioneers materialize as envisioned in the U.S., individuals could soon traverse between major airports in New York and Los Angeles via air taxis. Joby anticipates that its electric air taxis could transport up to four passengers from New York area’s airports to Manhattan in approximately 10 minutes or less. Initially, fares for these air taxis are likely to be significantly higher compared to traditional taxi services or rideshare options like Uber; however, costs may decrease as demand increases, particularly since eVTOLs can carry more passengers than ground vehicles caught in traffic.
Adam Goldstein, CEO of Archer Aviation, predicted that “the future will feature highways in the sky,” suggesting that numerous aircraft will be flying within urban environments and transforming city infrastructure.
Investors appear to agree with Goldstein, having helped Archer raise an additional $430 million towards the end of last year from key backers like Stellantis and United Airlines. This funding followed a Japanese automaker’s investment of $500 million into Joby, raising the total investment in Joby to nearly $900 million.
Over the past five years, eVTOL companies have collectively raised around $13 billion, according to Alton Aviation. Both Joby and Archer went public through reverse mergers in 2021, creating additional avenues for funding and generating interest in hiring engineers with stock option offers. These companies have attracted talent from major players such as Tesla and SpaceX, with Archer also recruiting employees from Wisk Aero.
However, disputes arose surrounding Wisk’s departures, leading to a lawsuit that accused Archer of intellectual property theft; the matter was settled in 2023, with both parties agreeing to collaborate on advancing eVTOL technology. Prior to its merger, Joby also acquired Uber’s eVTOL technology for $83 million, establishing a partnership with the rideshare giant.
Despite these partnerships and technological strides, financial losses continue to mount for both companies. Joby has amassed $1.6 billion in losses since its establishment in 2009, while Archer has incurred close to $1.5 billion in losses since commencing operations in 2018.
Both companies are actively pursuing revenues by negotiating military contracts for their eVTOLs for logistics and other short-distance missions. Archer seeks to collaborate with Anduril Industries, established by Oculus founder Palmer Luckey, to enhance its chances of securing government contracts.
The uncertain environment has left both firms with market valuations lower than typical for tech businesses, with Joby around $7 billion and Archer at $6 billion.
Nonetheless, Bevirt is optimistic about the future. “eVTOLs are poised to revolutionize transportation,” he stated. “Traveling by air is exponentially better than sitting in traffic.”
