Helicopters Are Out; eVTOLs Are In?

Retail Segment Insights - US consumers spent a record $11.8 billion online on Black Friday, marking a 9.1% increase from 2024, but nearly 40% of consumers bought fewer items, indicating a more selective shopping approach [3] - Global online sales for Black Friday reached $79 billion, with US spending growing at just 2.6%, compared to 5.3% globally, suggesting a disparity in consumer spending behavior [4] - Average selling prices increased by around 7%, while the number of units per transaction dropped, indicating that sales growth was largely driven by inflation rather than increased purchase volume [3][4] - The usage of Buy Now, Pay Later services rose by 9% year over year, reflecting consumers' need for flexible payment options amid budget constraints [3] eVTOL Industry Overview - eVTOL stands for electric vertical takeoff and landing aircraft, which are being developed for commercial use, with several companies pursuing this goal through SPAC mergers [12] - Joby and Archer are identified as the two leading companies in the eVTOL space, both on track for FAA approval in 2026, with Joby focusing on a vertically integrated manufacturing model and Archer adopting a more asset-light approach [14][20] - The eVTOL market is expected to have multiple players, unlike the commercial jet market, due to its smaller and more affordable nature, allowing for a broader addressable market [16] - Recent developments include a significant deal between Beta Technologies and Eve Air Mobility, where Beta will supply up to $1 billion worth of electric pusher motors to Eve over the next decade, highlighting ongoing consolidation in the eVTOL space [17][18] Business Models and Revenue Generation - Current eVTOL companies are pre-revenue, with significant investor interest based on future potential rather than current profitability [20] - Joby aims to operate its own air taxi service, while Archer plans to sell aircraft to airlines, indicating different business models within the industry [21] - The market for eVTOLs is expected to include not only passenger air taxis but also cargo delivery and government defense contracts, which may provide more immediate revenue opportunities [25] - Regulatory developments, such as new FAA rules for powered lift aircraft, are crucial for the future adoption and integration of eVTOLs into the market [25]