As the two U.S. frontrunners in the race to launch eVTOL air taxi services navigate the rest of a year that both hope will lead to type certification and the start of deliveries, Archer and Joby released results this week that suggest they should have sufficient financial runway for commercial takeoff. At face value, Joby is the stronger of the Californian contenders with a cash and equivalents war chest valued at almost $858 million, compared with Archer’s reported $360 million tally. However, the companies’ announcements on August 8 provided more context in terms of their respective paths to market.
Archer’s acutely calibrated PR apparatus showered shareholders with feel-good news that included a reported “planned purchase” by Future Flight Global for up to 116 of its four-passenger Midnight aircraft. The prospective aircraft operator, founded by executives from Dubai-based business jet operator Titan Aviation, has committed to pay an undisclosed deposit for a provisional order that Archer said could be worth $580 million. This amount implies a per-aircraft cost of $5 million.
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