Joby and Archer Are Racing to FAA Certification While Burning Hundreds of Millions a Year. Here's the 1 Number That Picks the Winner.

The battle for Federal Aviation Administration (FAA) certification between Joby Aviation and Archer Aviation is intensifying, with both companies burning hundreds of millions of dollars each year. While the FAA certification process will not definitively determine the long-term victor, as their business models differ significantly, obtaining certification will immediately decrease the risk associated with the stocks and shift the investment focus from cash burning to scaling growth.

To determine the winner, investors should closely monitor each company's progress in completing aircraft-level for credit testing. This process involves extensive test flights of eVTOL aircraft under a Type Inspection Authorization (TIA), which requires extensive testing by FAA pilots or their own pilots. Currently, Joby is seen as the frontrunner in this race, having conducted its first FAA-conforming eVTOL flight in early March.

CEO JoeBen Bevirt also stated that they now have five electric air taxis airborne, including their first certified aircraft during the recent earnings call.