The eVTOL (electric vertical takeoff and landing) market is the kind of futuristic promise that makes investors both salivate and shiver. It’s the vision that city congestion can be conquered by quiet, sleek airborne vehicles ferrying passengers and cargo to and fro. Think: Jetsons meets Silicon Valley. Startups and aerospace titans alike are in a heated race to build these electric air taxis. And Morgan Stanley estimates that this “urban air mobility” market could reach $1.5 trillion by 2040. On paper, it’s a transportation revolution in the making. But investors would be wise to remember that revolutions are rarely cheap, predictable, or risk-free. In this guide, we’ll explore the top eVTOL stocks, ranked by their pure-play focus.
There are good reasons eVTOL investors are optimistic. The sector is well-fed with innovation. Advances in battery technology, AI, and autonomous systems have kept the cash flowing thus far. Plus, the narrative of sustainable aviation is powerful enough to attract both private and public investment. Governments and regulatory bodies could be a tailwind for the industry as they craft frameworks to accommodate these new vehicles in the skies. This convergence of technology, regulation, and investor enthusiasm has created a fertile ground for eVTOL development, even if the fruits are not yet ripe.
The risks, however, also remain clear. Aside from the regulatory red tape, there’s still the huge question mark of consumer appetite. Investing in eVTOLs is more than just a bet on monumental engineering and safety feats. It’s also a bet that eVTOL companies can invent a market that does not yet quite exist. Will consumers actually trust a buzzing, drone-like contraption to whisk them to work? Can companies reach the economies of scale necessary to make this a profitable venture? These are all unknowns. Thus, eVTOL stocks are the quintessential high-risk, high-reward play: thrilling to be a part of, but treacherous to navigate without a sturdy parachute.
Note: We make every effort to keep our info accurate and up-to-date. However, emerging tech moves fast and company situations can change overnight. This guide is an intro to the eVTOL market; but ultimately, do your own due diligence before taking action.
Tier 1: Pure-Play eVTOL Stocks
Tier 1 eVTOL stocks are focused solely on making electric air taxis a reality. These companies are building the aircraft, securing key certifications, and forging strategic partnerships to be the first to market. Investors in these pure-play developers are taking on significant risk for the chance to get in on the ground floor of a brand-new industry.
Joby Aviation (JOBY)
Joby Aviation (JOBY) enjoys strong Toyota and Uber partnerships, first-mover advantage, and impressive engineering milestones.
Joby Aviation is a lot like watching a high-wire act in a circus—it keeps you at the edge of your seat, not just because of the talent, but because of the stakes. Joby, led by JoeBen Bevirt, has positioned itself as the industry’s front-runner. The company went public through a SPAC merger in 2021, raising eyebrows while amassing a market cap of approximately $4 billion as of late-2024. The company has something other eVTOL players dream of: a close partnership with Uber, dating back to 2020. This adds a certain narrative continuity—Joby sees itself as the logical next step for urban ride-sharing.
Joby secured its Part 135 Air Carrier Certificate in 2022, a critical step toward offering commercial air taxi services. They are aiming for FAA certification by 2025—a target that’s ambitious yet somehow feels achievable. They’ve built a full-scale eVTOL prototype that has clocked over 10,000 test flights, and they’re pushing the envelope on a promised range of 150 miles with a top speed of 200 mph.
That range figure is no small promise. Battery density is the Achilles heel of this industry—every mile more puts them at least marginally ahead of their competitors. Joby is also backed by significant players, with Toyota investing nearly $400 million and actively participating in the manufacturing setup. When Toyota bets on production systems, it’s worth paying attention—they have a history of solving problems others don’t even see.
Joby’s biggest asset might just be its narrative. Joby doesn’t sell a product; it sells a vision—a quieter, greener urban life. The stock has seen volatile swings—common for any company in pre-revenue mode—but its valuation reflects its perceived leadership in the race to bring this vision to market.
Archer Aviation (ACHR)
Archer Aviation (ACHR) leverages partnerships with Stellantis and United Airlines to focus on practical, scalable urban air mobility.
Archer Aviation’s playbook is to link arms with industry giants. Their partnership with Stellantis, the carmaker known for Jeep and Chrysler, has brought manufacturing savvy to the equation. Stellantis has committed to aiding Archer with capital and expertise—both crucial when your endgame is producing hundreds of aircraft per year.
The current model, “Maker,” has a range of about 60 miles, a practical choice aimed at short intra-city hops. That might sound modest next to Joby’s 150-mile ambitions, but Archer is aiming for practicality—something that works within the constraints of current battery tech. Their follow-up model, “Midnight,” aims to be the backbone of Archer’s eventual commercial fleet, designed for short, frequent trips, carrying four passengers plus a pilot. Midnight’s production, which began in 2024, is a bold move given the fact that regulatory approvals are still underway. It’s a tightrope walk of logistics that’s common in this market.
What Archer has going for it is simplicity of mission. They aren’t out to win on sheer specs; they’re carving out a niche with a focus on modularity and manufacturability. A recently inked deal with United Airlines, worth $1 billion with an option for $500 million more, offers Archer a potential customer base before they’ve delivered a single aircraft. There’s a logic here that’s hard to ignore: partner with established entities, focus on short, efficient urban routes, and worry about scale later.
Archer’s valuation—just over $1 billion—means it’s being taken seriously but priced as a contender among eVTOL stocks, but not as the leader. The next couple of years will tell us if Archer’s partnerships are enough to convert potential into market dominance or if they get lost amid the buzz of better-funded rivals.
Vertical Aerospace (EVTL)
Vertical Aerospace (EVTL) brings a pragmatic European approach to short-haul air travel with major partnerships and a simple, sustainable design.
Vertical Aerospace is attempting something quintessentially British: they’re competing in a very American race but with a twist of elegance and understatement. Vertical is a company that focuses on slow, steady progress. Their flagship model, the VX4, is designed for four passengers and aims for a range of 100 miles. It’s a straightforward vision: electric air taxis that can bridge the gap between cities and rural areas, providing a sustainable alternative to short-haul flights.
Vertical has some high-profile partnerships, including with American Airlines and Avolon, which together represent conditional pre-orders worth billions. The total order book is ostensibly over 1,400 units, but there’s a catch—these orders are subject to the successful development and certification of the aircraft. In other words, these are soft promises, not hard contracts.
Vertical’s SPAC listing was a splashy move, but the company has faced significant investor skepticism. The current market cap is below $150 million, which suggests that the market has yet to be convinced about its path to profitability.
However, Vertical has something uniquely appealing: a European angle. The regulatory pathways and government support in Europe may prove beneficial as countries try to reduce carbon emissions from regional flights. Their strategy is to focus on a simple, easily manufacturable design, which may help keep costs down—a pragmatic approach in an industry often seduced by flashy specs.
Lilium (LILM)
Lilium (LILM) takes a high-risk approach with an ambitious jet-powered design that aims to redefine the eVTOL category.
If there’s a company that captures the sheer ambition of the eVTOL market, it’s Lilium. But ambition, as we’ve seen time and time again, can be a double-edged sword. Lilium’s aircraft isn’t your standard quadcopter design—it’s a jet, a futuristic machine with 36 electric ducted fans allowing for a range of over 150 miles and a speed of 175 mph. That’s impressive. But the more complex the design, the greater the chance of something going wrong—either technically or financially.
Lilium’s prototype, the Lilium Jet, is arguably the most technologically ambitious, but it’s also the most unproven. The complexity of the ducted fan system introduces multiple points of potential failure, and as of late 2024, Lilium has yet to complete a full-scale, piloted test of its latest prototype. This means investors are effectively funding an idea more than a product. That’s always risky, and the market knows it—Lilium’s valuation has plummeted from its initial SPAC hype, currently hovering around $360 million.
Lilium has secured partnerships with companies like Luxaviation for future fleet operations and have provisional sales agreements in place, but these feel like distant possibilities rather than imminent boons. The regulatory hurdles Lilium faces are immense—certification for an aircraft this complex is uncharted territory. And though they’ve raised over $800 million to date, the burn rate is a concern. Aerospace development is notoriously costly, and Lilium’s bold bet might be stretching their runway too thin.
Still, there’s an undeniable allure to Lilium’s vision. If they succeed, they won’t just be building air taxis—they’ll have created a whole new category of aircraft, akin to the jump from prop planes to jets. That’s a high-risk, high-reward play, and it makes Lilium a dark horse worth watching.
Tier 2: Companies with Strong eVTOL Focus
Tier 2 eVTOL stocks represent companies that are diversifying their aerospace or mobility offerings to include eVTOL technology. While eVTOL is a major focus, it isn’t the only thing keeping these firms afloat. This diversification reduces the risk while still positioning them as strong participants in the future of urban air mobility.
Eve Air Mobility (EVEX)
Eve Air Mobility (EVEX) uses Embraer’s reliability to deliver a straightforward, scalable urban air solution with solid pre-orders.
Eve Air Mobility is a spinoff from Embraer, the Brazilian aerospace giant that has been quietly keeping up with the likes of Boeing and Airbus by supplying efficient, right-sized jets to regional operators. Embraer understands the sky, and that’s where Eve has a serious leg up on the competition. Many eVTOL developers are new to the aviation business, unfamiliar with the labyrinthine world of regulators and service networks. Eve is born of Embraer’s DNA, complete with a pre-existing infrastructure for manufacturing, maintenance, and support. They aren’t reinventing the wheel; they’re changing where it rolls.
The market for eVTOLs, in essence, is about moving people more efficiently over short distances, especially in crowded urban environments where traditional options feel almost prehistoric. Eve has approached this with a simplicity of purpose that contrasts sharply with some competitors’ sci-fi aesthetics. Its aircraft design emphasizes reliability and scalability over flashy gadgetry—think more Toyota Prius and less Tesla Roadster.
Eve already benefits from a significant backing: it’s got orders (and this is key—orders, not promises) from some of the world’s biggest operators, like United Airlines and Halo Aviation, totaling around 2,770 aircraft pre-orders. United’s involvement brings a layer of credibility to Eve’s vision, especially when it’s dangling a potential billion-dollar market. Eve’s estimated revenue from these orders could theoretically exceed $8 billion, assuming all orders come through—a pretty comfortable cushion for what is still a pre-revenue venture.
Eve’s edge comes with risk too. They’re betting big on a “pragmatic” version of autonomy—gradual automation rather than a full leap to pilotless systems. Investors must remain cautious of the timeline for certification, which even for Eve, despite Embraer’s aviation pedigree, is set optimistically for 2026.
Blade Air Mobility (BLDE)
Blade Air Mobility (BLDE) positions itself as the market-maker of urban air mobility by building eVTOL-ready routes rather than manufacturing aircraft.
Blade started its life as a charter broker, effectively an “Uber for helicopters,” but it’s attempting to transition into eVTOLs. This is an audacious shift for a company that once sold aspirational luxury to weekenders trying to skip Hamptons traffic. Blade’s strategy in the eVTOL market is notable: it has focused more on establishing routes, building customer bases, and providing a premium urban mobility service, regardless of the type of aircraft.
Think of Blade as less an aircraft manufacturer and more a market-maker. Their strength lies not in hardware but in networks and branding. They operate in New York, LA, and other congested metro areas where affluent time-poor customers have shown a willingness to shell out for convenience. With an expanding network of “vertiports”—essentially helipads equipped for the future of eVTOL—they are creating a structure that any eVTOL producer would love to plug into. In this way, Blade is like a toll-collector on a highway that doesn’t fully exist yet but could become incredibly valuable.
However, the real question for Blade is: can it make the leap from helicopter middleman to eVTOL disruptor profitably? Blade is burning cash—around $7-8 million per quarter—to develop this infrastructure. Blade’s EBITDA remains negative, although their asset-light model (they don’t own helicopters, just rent and operate them) has helped keep the risk somewhat mitigated. They’re betting the cash burn pays off once the skies open for eVTOLs, but it’s a race against the clock with a need for enough liquidity to bridge to that promised land.
The company’s partnerships with eVTOL makers like Beta Technologies and Eve mean that they are poised as one of the early buyers and service providers for these aircraft. If Beta or Eve hits the regulatory milestones, Blade’s infrastructure is ready to monetize almost instantly.
EHang (EH)
EHang (EH) takes the lead in China with a bold full-autonomy bet, already commercializing flights while competitors are still testing.
Based in Guangzhou, EHang has made headlines by becoming the first company to receive type certification from Chinese regulators for its autonomous aerial vehicle (AAV). This means they now have the formal go-ahead to operate commercially in China. This is a milestone that transforms EHang from a high-risk moonshot into a genuine frontrunner in the eVTOL race.
The company’s strategy has always been bold: betting on full autonomy without pilots. This removes one of the biggest cost barriers in urban air mobility—the pilots themselves. EHang has already logged over 30,000 test flights, and with certification now in hand, they can proceed with deploying these aircraft in real-world urban environments. In fact, EHang has already initiated commercial tourism operations in several Chinese cities.
Revenue has been climbing for EHang, with approximately $14 million in the last quarter. Though that number seems tiny when compared to older industries, in a market where many startups are still pre-revenue, it’s quite notable. Most of it comes from selling vehicles for sightseeing and logistics.
A key wildcard here is how international regulators will view EHang’s Chinese certification. It’s possible that European or even U.S. authorities could look favorably on the company’s track record in China, which might speed up its adoption outside the domestic market. That’s the great unknown: if EHang can take its model beyond China before the rest of the eVTOL pack catches up, it could secure a significant lead. But if Western regulators insist on restarting testing processes from scratch, then the company might find itself stalled as rivals close the gap.
Tier 3: eVTOL Enablers or Strategic Partners
Tier 3 eVTOL stocks are made up of established aerospace giants and key suppliers that are playing strategic roles in the eVTOL ecosystem. These companies are not focused on developing eVTOL aircraft themselves but are providing funding, manufacturing, or components. Investing in these eVTOL stocks means aligning with the urban air mobility market, but with the cushion of established, diversified operations that mitigate the sector’s volatility.
Boeing (BA)
Boeing (BA) opts for a calculated approach with Wisk Aero, betting on autonomous flight as the next evolution in urban air mobility.
Boeing is an industrial giant that, for decades, has dominated traditional aviation with the classic mix of military contracts and passenger jets. However, the company is a bit like an aging quarterback: skilled, powerful, but visibly rattled by the onslaught of newer, nimbler players (and quite a bit of other bad press). Boeing knows it can’t sit out the eVTOL revolution, but it isn’t leading the charge either.
Boeing’s most significant foray into the eVTOL market is through its investment in Wisk Aero, a joint venture with Kitty Hawk Corporation. Wisk is working on an autonomous eVTOL craft. There are two paths in this market: piloted and autonomous vehicles—and Boeing has chosen the latter, the tougher one to chart. This points to their hope that decades of regulatory ties and institutional knowledge will eventually turn a seemingly naive bet into an industry-defining one.
The numbers are telling: Boeing has invested over $450 million in Wisk—peanuts compared to the billions in its 737 program, but still a bet worth watching. Boeing’s strategy is calculated. They may be letting startups crash and burn as they learn from the sidelines. This conservative play comes after the company’s recent struggles with regulatory authorities, following the infamous 737 Max crisis. Boeing knows the stakes in aerospace compliance, and their stance on autonomy is all about controlling the narrative when they finally enter the market in earnest.
Airbus (AIR)
Airbus (AIR) aims to leverage European climate policy tailwinds for early adoption of urban eVTOL, banking on its regulatory expertise.
Airbus has embraced the eVTOL concept as an extension of its urban air mobility vision. They understand Europe’s regulatory landscape better than anyone, and they’re counting on this knowledge to get a jump on the competition. Airbus is actively working on its CityAirbus NextGen, an eVTOL designed for urban environments that’s fully electric and piloted, as opposed to the riskier autonomous route.
Airbus has the wind at its back, partially due to Europe’s enthusiastic stance on climate regulations. The European Union Aviation Safety Agency (EASA) is making moves to accommodate eVTOLs, and Airbus’ connection with European regulators might just become their golden ticket. CityAirbus NextGen unviewed the initial prototype in 2021 and aims to begin certification flights by 2024. This timeline puts them ahead of many competitors and gives Airbus a veneer of “first mover” advantage, especially in European airspace.
With around $70 billion in annual revenues, Airbus has the financial heft to fund these projects while also leaning on a network of partners across Europe. They are spreading their bets across urban air taxis, last-mile deliveries, and even emergency services. Unlike Boeing, Airbus seems less weighed down by the risk of being wrong. The way Airbus is structured means it has less to lose from disruption and more to gain from market redefinition.
Toyota (TM)
Toyota (TM) backs Joby Aviation with manufacturing efficiency, betting that eVTOLs need automotive-scale production to succeed.
Toyota is an outlier in this bunch, a terrestrial giant gazing skyward. At first glance, it seems out of place in a conversation about eVTOLs. But look a little closer, and you see that Toyota’s investment in this space is a calculated hedge against the future of transport. If the company’s hybrid vehicles rewrote automotive efficiency, its eVTOL ambitions aim to rewrite what mobility itself can be.
Toyota poured $394 million into Joby Aviation—one of the most promising American eVTOL startups, which has already conducted over 1,000 test flights. Unlike Boeing, Toyota has no history of crashes to haunt them or of regulatory battles to slow them down. Instead, they’re bringing automotive-style manufacturing practices to an industry that has historically been custom-built. In a word, Toyota is betting that eVTOLs need to be scaled like cars, not like fighter jets. It’s a daring assumption, and it might just give them an edge.
Consider this: Toyota isn’t just throwing money at Joby. They’re bringing manufacturing efficiency to an industry known for its artisanal approach. If Joby can be the Tesla of the skies, Toyota wants to be the battery supplier, the drivetrain manufacturer, and maybe even the factory architect. By embedding themselves in the supply chain, Toyota’s eVTOL strategy is a subtle attempt to be indispensable in this new market without carrying the full weight of innovation risk.
Honeywell (HON)
Honeywell (HON) is a key technology provider in the eVTOL space, supplying flight control systems to whoever ultimately succeeds.
Honeywell is the understated enabler—the engine in the background. This company isn’t interested in building flashy eVTOLs or showcasing sleek designs. Instead, it’s aiming to sell shovels during the gold rush. Honeywell is betting on avionics, electric propulsion systems, and flight control technologies. If Boeing, Airbus, and Toyota are trying to build the future, Honeywell wants to be the toolkit that makes it all possible.
The company has already secured partnerships with leading eVTOL startups like Vertical Aerospace and Lilium, providing everything from flight control systems to lightweight electric engines. Honeywell’s aerospace division accounts for roughly 32% of its $36 billion in annual revenue, and it’s leveraging decades of expertise to corner a niche where margins are likely to be high, competition lower, and the risks, compared to making entire aircraft, significantly mitigated.
Think about it: every new eVTOL startup, whether it’s a flashy Silicon Valley unicorn or a European aerospace offshoot, will need the components Honeywell provides. In an industry where every gram matters, Honeywell’s lightweight control systems and efficient electric motors might just become the default. Honeywell aims not to pick a winner but to ensure that whoever wins, they’ll be the one cashing the checks.