Joby's Dream and Flying Cars
Joby’s Dream and Flying Cars The Patents Are Clever. The Physics Don’t Care. I. EXECUTIVE SUMMARY Joby Aviation is attempting something that has never been done: build a commercially viable, hydrogen fuel cell-powered eVTOL aircraft, certify it under regulatory frameworks that do not yet exist, and bring it to market before the company’s cash runway expires. We are short JOBY. The company trades at a $9.5B market capitalization — roughly the same as American Airlines, which flies 200 million passengers a year on nearly 1,000 aircraft. Joby has never flown a paying passenger. It has never certified an aircraft. Its hydrogen fuel cell eVTOL exists, as of this writing, primarily as a portfolio of patents and a burn rate. ...