The dream of hoping into an air-taxi and flying across the city, avoiding all the traffic on the roads and getting to your stop in record time just took another step toward reality as Joby Aviation gained approval from the Federal Aviation Administration to begin air-taxi operations this year.
There is a small catch. The approval is for service with conventional airplanes, not the company’s five-passenger electric vertical take-off and landing (eVTOL) aircraft is developing. Joby’s not alone as several company, including General Motors, Hyundai and Toyota, are all at least dabbling in the space.
The approval puts California-based Joby a step closer to its end goal, which is to being using its eVTOL for personal use and air taxis by 2024. The company applied for its Part 135 certification earlier this year and even thought it got approval for small aircraft, it’s a critical milestone, officials said.
Building block
“The procedures we’ve prepared lay a foundation for our future eVTOL operations,” said Bonny Simi, head of Air Operations and People at Joby.
“Over the coming months, we will use our Part 135 certificate to exercise the operations and customer technology platforms that will underpin our multi-modal ridesharing service, while also refining our procedures to ensure seamless journeys for our customers. Receiving this certificate ahead of schedule is a testament to the incredible dedication and hard work of our team.”
Once Joby receives a type certificate for its eVTOL aircraft, the company will complete the FAA review process to add the new aircraft type to its existing air carrier certificate. Pilots for the company’s future aerial ridesharing service will have the benefit of flying an environmentally-friendly aircraft on a reliable work schedule, ending each shift in their home city, the company noted.
Burgeoning market
Joby’s one of the early players in the segment, having engaged in development and testing for more than a decade. It accelerated that by purchasing the former Uber Elevate business in late 2020. It kept the ball — and the investment cash — rolling in February 2021 when it went public through Reinvent Technology Partners, a special purpose acquisition company, or SPAC.
After closing, Joby reportedly got $1.6 billion in cash, including $690 million from Reinvent and $835 million from a variety of private investors. That cash was expected to fund the business through the start of commercial operations, including certification of the aircraft and development of manufacturing facilities with the help of Toyota.
In 2020, the company earned the first certification for an electric vertical takeoff and landing aircraft with the FAA and in the same year received the U.S. Air Force’s first-ever airworthiness approval for an eVTOL aircraft.
Joby’s four-passenger, emissions-free aircraft can travel up to 150 miles at speeds up to 200 miles per hour, executives said. The market for short-hop air mobility has been estimated at $500 billion plus in the United States, while the total global market is expected to exceed $1 trillion.