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Joby Aviation, Inc. (NYSE:JOBY) shares are trading lower in the premarket session on Tuesday.
The company is reportedly envisioning a futuristic commute – flying above traffic from downtown Manhattan to JFK Airport in under seven minutes, rivaling Uber Technologies, Inc.’s (NYSE:UBER) cost.
With $400 million support from Toyota Motor Corporation (NYSE:TM) and $60 million from Delta Air Lines, Inc. (NYSE:DAL), Joby aims to lead in launching air taxis, or eVTOLs, to market, Yahoo Finance reported.
“This is as close as we’ve seen, I think, in terms of the technology coming together to make something that you could use on a daily basis,” said Eric Allison, Joby’s chief product officer, Yahoo Finance added.
A Federal Aviation Administration spokesperson informed Yahoo Finance that while 2025 might see initial flight launches, 2028 appears more realistic for a competitive, scaled air taxi market in at least one location, the report read.
According to Wall Street research firm Jefferies, certification is the primary factor for retail investors interested in this sector to monitor closely.
Joby anticipates that their aircraft technology will aid in the regulatory process, Yahoo Finance stated.
The FAA’s certification demands compliance with safety standards and operational proficiency under diverse conditions.
Joby’s eVTOL boasts a range of up to 100 miles per charge, enabling two round trips between JFK and a downtown NYC heliport before needing a recharge. They anticipate recharging to coincide with passenger boarding and deplaning times.
Uber reports the average Manhattan to JFK trip costs $135 for Uber Black and $87 for regular Uber.
Jefferies predicts Joby’s initial ride could be around $200, Yahoo Finance added.
According to Benzinga Pro, JOBY stock has gained over 17% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy ETF (NYSE:ACES) and First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN).
Read Next: Flying Cars Are Here, But It May Take Some Time Before They Land
Price Action: JOBY shares are trading lower by 1.09% to $4.62 premarket on the last check Tuesday.
Dimitris Vetsikas from Pixabay
