Joby, eVTOL peers slip after FAA unveils ‘Innovate28’ plan

Shares of Joby Aviation (JOBY) and other names in the eVTOL, or electric vertical takeoff and landing, aircraft sector are under pressure on Tuesday after the FAA released an implementation plan detailing the steps it projects that the agency and others will need to take to safely enable advanced air mobility operations in the next five years.

PLAN FOR AAM: The FAA has released an implementation plan detailing the steps it and others will need to take to safely enable advanced air mobility operations in the near term. The “Innovate28” plan includes various components and the sequence they will occur in for operations to be at scale at one or more sites by 2028.

“The plan will serve as a foundation for making entry into service routine and predictable by maximizing the use of existing procedures and infrastructure. It addresses how the agency and partners will certify aircraft and pilots, manage airspace access, ensure pilot training, develop infrastructure, maintain security, and engage communities,” the FAA stated. “This plan shows how all the pieces will come together allowing the industry to scale with safety as the north star,” added Deputy FAA Administrator Katie Thomson.

Pilots will be able to fly the new advanced mobility aircraft to and from multiple locations at the sites, using predetermined flight schedules with pilots aboard. Advanced air mobility aircraft likely will operate up to 4,000 feet altitude in urban and metropolitan areas, using existing or modified low altitude visual flight rules routes where possible within controlled Class B and C airspace around major airports.

Operators, manufacturers, state and local governments, and other stakeholders will be responsible for planning, developing and enabling heliport/vertiport infrastructure.  Advanced air mobility will initially operate at existing heliports, commercial service airports and general aviation airports. Modifications may be necessary to install charging stations, parking zones and taxiing space.

PRICE ACTION: In Tuesday afternoon trading, shares of Joby Aviation, Eve Holding (EVEX), and Lilium (LILM) have dropped about 1%. Meanwhile, Archer Aviation (ACHR) and Vertical Aerospace (EVTL) have gained almost 3% following a period of underperformance earlier in the session.