Joby Aviation stock is soaring as its electric flying vehicles get closer to takeoff

The next Uber of the skies may be one step closer to takeoff. On Wednesday, Joby Aviation, a California-based company focused on creating a next-generation aerial taxi service, received a Special Airworthiness Certificate from the Federal Aviation Administration (FAA). The new permit allows Joby to launch flight testing programs for its first production prototype.

Is it a bird? Is it a plane? No, it’s a flying car, but the industry calls the futuristic vehicle by another name: the eVTOL, or electric vertical takeoff and landing vehicle. Joby has spent over a decade developing its eVTOL, which is designed to carry one pilot and four passengers. The vehicle has top speeds of 200 mph and a single-charge range of 150 miles, along with zero operating emissions.

Joby envisions its eVTOLs creating a convenient aerial ride-sharing network that transports passengers quickly without having to worry about urban congestion or indirect routes. Joby estimates that it could reduce the 49-minute journey by car from downtown Manhattan to JFK airport in New York to just seven minutes by air taxi. 

Unlike the deafening chopping of helicopter blades, Joby’s eVTOLs have undergone rigorous developments to keep their noise—and possible disruption of city life and residential suburbs—to a minimum. In 2022, Joby reported that it had reduced its acoustic measurements to 45 decibels during a flyover at an altitude of 500 meters, and 65 decibels during takeoff and landing. Forty-five decibels would be similar to bird calls, barely perceptible against urban ambient noise, while 65 decibels would be comparable to a lively restaurant conversation.

High-flying competition

Joby has partnered with crucial allies including Toyota, Uber, and Delta Air Lines to launch its electric air taxi service, but the world of eVTOL startups remains as competitive as ever. Rivals include Wisk Aero, backed by Google cofounder Larry Page, and Boeing, along with Archer Aviation, which is sponsored by United Airlines and Stellantis, among over 200 others. Wisk and Archer have plagued each other with lawsuits that have only delayed their prospects of developing the first approved flying car.

For Joby, however, the news of its recent FAA certificate was well-received, with California Governor Gavin Newsom visiting Joby’s facilities to celebrate the company’s progress. Investors were also pleased, with Joby shares (stock ticker: JOBY) increasing more than 50% this week as of late Thursday. Joby plans to begin commercial passenger operations in 2025 and ultimately hopes to see its aerial vehicles grow to become a ubiquitous mode of daily transportation.

While no eVTOLs have been fully approved by the FAA, Joby’s milestone marks the next step in realizing the age-old dream of flying cars in the not-so-distant future.