Roads? Where we're going, we don't need roads. In the year 2022, you can already buy your own flying car if you're willing to pay a few million dollars for it, or you could wait a few years for your chance to catch the flying-equivalent of an Uber (NYSE: UBER). In a big step towards a future with flying-Ubers, the Federal Aviation Administration (FAA) has certified Joby Aviation Inc. (NYSE: JOBY) to begin air-taxi services in the U.S.
So far, American travelers will only be able to catch Joby rides aboard traditional airplanes, specifically the CIRRUS-SR22, but the company has bigger plans for the future of commercial air travel. Joby hopes to roll out its all-electric aerial ridesharing service in the next two years in partnership with Uber. Most eVOTL models are only intended for short trips; although, some can travel more than 100 miles.
The recent certification is one part of a three-part approval process that Joby will need to pass before it can begin using its electric vertical take-off and landing (eVTOL) aircraft in the U.S. Along with the recently approved Part 135 Air Carrier Certificate, Joby will also need a Type Certificate and a Production Certificate from the FAA.
A Joby spokesperson said that the company would be using traditional airplanes in the meantime "to refine systems and procedures in advance of launching eVTOL service targeted for 2024."
"The procedures we've prepared lay a foundation for our future eVTOL operations," head of air operations and people at Joby, Bonny Simi, said in a statement. "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 ride-sharing service, while also refining our procedures to ensure safe and seamless journeys for our customers."
Following the announcement from the FAA, Joby shares closed up 8%.
In Great Britain, travelers can already tour a fully-functional Urban-Air Port eVOTL hub in a parking lot across from Coventry's railway station. Urban-Air also has plans to build another 200 hubs over the course of the next five years. However, passengers can't yet catch a ride: the Coventry hub might be functional, but it doesn't have regulatory permission to use eVOTL for commercial flights.
Many major aerial-rideshare companies have chosen to begin testing their services in Great Britain. Thanks to its compact geography, busy road traffic, and closely clustered cities and towns, the country makes the perfect testing grounds for air-taxis.
In the U.S., rather than building dedicated hubs, Joby has plans to begin by utilize existing infrastructure, like helipads and parking lots, before eventually creating a network of ports.
There are still many questions surrounding how exactly widespread aerial taxis would work. While a few taxis in one area could operate relatively easily through visual flight rules alone, busy air traffic would require complex systems for control. Much of the work still underway at companies like Jobey has to do with creating the software and apps meant to enable the ridesharing services.
However, rideshares aren't the only place where you might encounter a flying car. Despite their lack of regulatory approval, airlines have already begun to order hundreds of the five-seater battery-powered aircrafts.
In February, one of Joby's two prototype aircrafts experienced an accident during testing, but the company didn't report any injuries. In the first quarter of 2022, Joby, with a current market cap of $3.1 billion, reported a net loss of $62.3 million, citing certification expenses and early manufacturing costs.