Joby, Archer, and EHang Are Down 40% to 60% in 2026. Are Air Taxi Stocks Damaged Beyond Repair?
As of July 17, 2026, air taxi stocks Joby Aviation, Archer Aviation, and EHang Holdings have suffered severe year-to-date declines of 45%, 40%, and 62% respectively. The sell-off is attributed to thinning risk appetite for pre-revenue eVTOL companies, ongoing cash burn, regulatory certification delays, and dilution risk from equity raises. Archer reported a Q1 2026 net loss of $217.7 million on just $1.6 million in revenue, while EHang's Q1 deliveries plummeted from 66 aircraft to four. Joby, the best-capitalized with $1.41 billion in cash, has partnerships with Uber, Toyota, and L3Harris, and plans first passenger service in Dubai. Despite the downturn, some analysts see 52% upside for Joby. The sector's recovery may hinge on Joby's Dubai launch, Archer's U.S. commercial operations, and EHang's delivery performance.
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