Flying cars have been humanity's dream since European futurists mused about them at the dawn of the automobile age in the late 19th century. Electric vertical-take-off-and-landing craft, many of which resemble a giant version of a four-rotor flying toy, are now shedding that reputation.
Recent advances come from improvements in engineering—notably lighter batteries and more efficient electric motors—and in regulation, which is increasingly open to treating the vehicles as airworthy.
In early 2026 EHang, a Chinese eVTOL maker, got a licence to fly commercial sightseeing tours in Guangzhou and Hefei. Joby Aviation is scheduled to launch an air-taxi service in Dubai. Joby's market value roughly doubled to $12bn in a year—more than Renault or Lyft. EHang, Joby and their two main listed rivals are collectively worth around $20bn, more than three times their recent trough.
The eVTOL firms are one accident away from being grounded into oblivion. Few are generating revenue and none is making a profit.
I don't mind arguing with myself. It's when I lose that it bothers me.