Joby Aviation's share flotation through a merger with special purpose acquisition company Reinvent Technology Partners is expected to raise sufficient capital to get its five-passenger eVTOL aircraft into commercial service during 2024. Founder JoeBen Bevirt says the company, which has been developing its technology for over 10 years, will be profitable by 2026, with initial net annual revenues of at least $2 billion.

Surf Air Mobility is paying more than $100 million to acquire Ampaire, which it views as offering a fast track to bringing hybrid-electric aircraft into commercial service by 2024. Ampaire's business plan calls for it to convert a variety of existing turboprop aircraft seating between nine to 19 passengers and able to operate on routes of up to 500 miles.

Spanish tier-one supplier Aciturri will have comprehensive responsibility for manufacturing all the main composite structures for the Lilium Jet eVTOL, which is due to begin production around the end of 2024. It faces a tight schedule to support Lilium in sticking to its program timeline while assuring safety and quality.

California-based Archer is one of several eVTOL aircraft developers eyeing Los Angeles as a likely launch location for urban air mobility services. Uber's Elevate platform also called for services to start there in 2023, and Elevate's new owner, Joby Aviation, may continue this plan. Meanwhile, Hyundai, which last year launched an eVTOL aircraft development program, is already part of the Los Angeles Urban Air Mobility Partnership.

Canada-based Horizon Aircraft is developing a five-passenger eVTOL called the Cavorite X5 that features distinctive ducted fans in its wing and canard. It is unclear how this program may dovetail with Texas-based Astro's existing Elroy and Alta eVTOL developments. The combined group is seeking further investment to bring its aircraft to market.

Terrafugia's parent company Zhejiang Geely appears to have abandoned plans to market the Transition flying car in the U.S. market, despite having just received an FAA light-sport airworthiness certificate. Also unclear is whether Zhejiang Geely intends to advance earlier plans to develop the TF-2A eVTOL aircraft, but on February 24 the CEO of its Aerofugia subsidiary mentioned plans for a joint venture with German eVTOL developer Volocopter, in which it is also an investor.

Honeywell believes it should be no harder for a pilot to start flying a new eVTOL aircraft than it is for a driver to jump into the seat of an unfamiliar rental car. By reducing the amount of data shown on flight displays, it wants to make flight training easier and smooth the path to automation and eventually autonomous operations. The group also plans to offer safety and propulsion technology for the advanced air mobility sector.

Joby Aviation founder and CEO JoeBen Bevirt was understandably excited to be able to announce a $1.6 billion share flotation that he says will be enough to get its five-passenger eVTOL aircraft into commercial service by 2024. But the star of this video is the aircraft itself. Turn up the sound and in the closing section of this company video listen as the electric motors spool up for takeoff. Bevirt doesn't raise his voice at all to be heard over the background noise as the eVTOL takes off behind him into the bright Californian sunshine. 

With 16 duct-in-wing fans and a large hybrid-electric motor, the Cavorite X5 can operate as both an eVTOL and conventional aircraft.