Core Viewpoint - Goldman Sachs has entered the eVTOL industry stock rating business, giving a "buy" rating to BETA Technologies, a "neutral" rating to Archer Aviation and Eve Holding, and a "sell" rating to Joby Aviation [1][2] Group 1: BETA Technologies - BETA Technologies is rated "buy" due to its phased certification process through CTOL aircraft, which allows for early revenue generation and accelerates the learning curve without affecting the eVTOL timeline [1] - The company operates as both an aircraft manufacturer (OEM) and a parts supplier, representing an attractive business model in the aviation industry [1] - BETA has partnered with General Electric (GE) to develop a hybrid aircraft for defense and is collaborating with competitors to sell motors and chargers, aiding in scaling [2] Group 2: Joby Aviation - Joby Aviation is rated "sell" as it is the oldest company in the field with the most flight hours and leads in certification [2] - The company aims to be a one-stop service provider covering manufacturing, supply, and operations, which presents the largest market opportunity but faces regulatory hurdles and significant capital demands [2] - The current stock price is considered to have a significant premium, which is viewed as unreasonable [2] Group 3: Archer Aviation - Archer Aviation receives a "neutral" rating, with its outsourcing approach accelerating the certification process despite being established later than competitors [2] - The size of its aircraft may indicate strong performance, but the lack of vertical integration suggests lower aftermarket profits and margins [2] - The partnership with Anduril could lead to a top defense product, but the lack of funding visibility makes it difficult to assess its value [2] Group 4: Eve Holding - Eve Holding is rated "neutral," with its parent company Embraer's control providing attractive labor, facilities, and aerospace expertise [2] - However, this structure results in slower development and fewer flight hours [2] - The company is expected to compete in the market eventually, but it is relatively behind in certification [2]