Joby stock is trading near record highs as the company showed off its air taxis at the California International Airshow.
Archer Aviation also completed demo flights at the airshow, as rumors swirl about a potential collaboration between the eVTOL maker and Tesla.
Joby Demo Flights
Joby Aviation on Monday announced that it completed three airshow demonstrations over the weekend at the California International Airshow in Salinas. The flights included quick round-trips between Marina and Salinas, which can take nearly 40 minutes by car.
The eVTOL maker said that each flight lifted off vertically from Marina, transitioned to cruise for the flight to Salinas where it conducted a series of hover maneuvers, before landing vertically back in Marina.
Joby is preparing to conduct flight testing for its FAA type inspection authorization early next year.
Meanwhile, Joby is conducting similar demonstrations at the Expo 2025 event in Osaka, Kansai, Japan. The demonstrations are part of Joby and ANA Holdings' plan to develop a national air taxi ecosystem in Japan. Joby on Sept. 30 said it plans to conduct 20 flights at Expo 2025 over the course of 13 days.
The company completed a series of tests flights in Dubai back in June. Joby on Sept. 29 announced a collaboration with the Ras Al Khaimah Transport Authority and Skyports Infrastructure to launch a passenger air taxi service network in the Emirate of Ras Al Khaimah by 2027. Joby continues to lay groundwork in the United Arab Emirates and plans to launch its first passenger-carrying flights in Dubai next year.
The company in 2024 acquired the autonomous division of Xwing, as part of Joby's goal to eventually launch fully-autonomous operations.
Shares of Joby jumped 7.2% Monday. The stock pared the gain Tuesday, sliding 3.4% to 18.91.
Joby stock is extended above an early buy point at 16.80, off a push above its 50-day line.
Shares are working toward another buy point for a cup base at 20.95, which matches Joby's record high from Aug. 4.
JOBY stock has rallied nearly 133% so far this year.
Archer Flights, Tesla Rumors
Archer Aviation also conducted display flights for its Midnight eVTOL at the California International Airshow.
The company said that the Midnight reached speeds upward of 125 miles per hour, and showcased how quiet the eVTOL is in a social media post.
Archer has been conducting various test flights and demonstrations this year ahead of launching commercial operations as early as 2026. The company in June obtained its Part 135 Air Carrier & Operator certificate from the FAA, which allows it to operate commercially and refine performance before servicing airlines.
Archer Aviation in 2024 said it plans to launch a network of air taxis in Southern California ahead of the 2026 FIFA World Cup. In May, Archer was selected as the official air taxi provider of the LA28 Olympic and Paralympic Games, as well as Team USA.
Meanwhile, Tesla on Sunday posted a cryptic video online of what appears to be a fan blade quickly spinning. The video hinted at an announcement set for Tuesday, but did not provide any details or commentary at the time.
Tesla later on Tuesday announced new pricing for its Model Y and a lower-cost version of its Model 3.
Commenters online initially speculated the announcement could represent a rotor for a plane, quadcopter drone, turbofan, rotor, or hint at a push into the eVTOL industry, Barron's noted.
Some of the speculation about a potential eVTOL play stemmed from a video from Archer. Archer on Oct. 2 posted a short video of its Midnight eVTOL alongside a Tesla Optimus robot and one of the company's electric vehicles.
However, none of the rumors have been confirmed. The speculation is largely based on loose connections via social media hints.
Archer Stock
ACHR stock fell 8.6% Tuesday, paring its nearly 18% gain from Monday.
Archer is consolidating with a 13.92 buy point. The stock has jumped almost 28% so far this year.
Tesla stock slid 4.5% Tuesday.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
