The electric vertical takeoff and landing (eVTOL) race is shifting fast, and the skies don't look friendly for U.S. hopefuls Joby Aviation Inc (NYSE:JOBY) and Archer Aviation Inc (NYSE:ACHR). Instead, the spotlight is firmly on China's EHang Holdings Ltd (NASDAQ:EH) and Brazil's Eve Holding Inc (NYSE:EVEX), aka Eve Air Mobility, which are emerging as frontrunners in a sector with trillion-dollar ambitions.
EHang's First-Mover Edge
JPMorgan analyst Beatrice Lam recently initiated coverage on EHang with an Overweight rating and a $26 price target—implying a 51% upside (December 2026) from its Aug. 20 close of $17.26. EHang has already achieved a milestone no rival can claim: full certification from China's Civil Aviation Administration, clearing its EH216 model for commercial service.
The company plans to ramp production to 300–800 units annually by 2025–2027, targeting a staggering 307% profit CAGR through 2027. EHang's strength lies in its ability to deploy today, carving out niches in public sector contracts and sightseeing routes. But analysts warn its payload and range limits may restrict its global competitiveness.
Related: China’s EHang Outclasses Joby, Archer In eVTOL Boom
Eve's Global Ambitions
If EHang owns the home-court advantage, Eve Air Mobility, backed by Embraer SA (NYSE:ERJ), is playing the long game globally. JPMorgan's Marcelo Motta highlights Eve's 2,800-unit order book worth $14 billion across nine countries, dwarfing EHang's 1,300-unit backlog. Eve's aircraft are designed for urban commuting, not just specialized uses like firefighting, giving it wider appeal.
With Embraer's 73% ownership stake, Eve is leveraging its aerospace pedigree to push into markets from Latin America to ASEAN. Deliveries, expected to rebound in the second quarter, could solidify its global reach.
Joby And Archer Left Waiting
By contrast, Joby and Archer remain grounded by certification delays, with JPMorgan maintaining cautious views. Their slower progress risks leaving them spectators in what increasingly looks like a two-horse race between EHang and Eve.
With a $100 billion eVTOL market projected by 2040, the contest is no longer about who flew first, but who can fly farthest. Right now, EHang and Eve are cruising at a higher altitude.
Image created using artificial intelligence via Midjourney.
