eVTOL Investing: Ditch the Taxi, Buy the Blueprint

The eVTOL sector is bifurcating between vertically integrated air taxi operators (Joby, Archer) and pure-play OEM manufacturers (Vertical Aerospace). In today's high-interest-rate environment, the capital-light B2B manufacturing model appears better positioned than the cash-intensive TaaS airline model, despite the latter commanding higher market valuations.