Motley Fool Money

Episode: Helicopters Are Out, eVTOLs Are In?
Date: December 3, 2025
Host: Travis Hoyam
Analysts: Lou Whiteman, Rachel Warren

Overview

This episode explores the rapid development of electric vertical takeoff and landing aircraft (eVTOLs) and their potential to disrupt the aircraft and urban mobility markets. The team also opens with a look at the health of the American consumer after Black Friday and Cyber Monday shopping, examining what the underlying data says about the economy. The discussion then pivots to eVTOL technology, highlighting its investment opportunities, industry players, business models, recent news, and regulatory environment.

Key Discussion Points & Insights

Black Friday & Consumer Spending Trends

[00:20 – 07:05]

• Record Online Spending, But Cautious Consumers

  • U.S. consumers spent a record $11.8B online on Black Friday, up 9.1% from 2024.
  • Global online Black Friday sales peaked at $79B.
  • However, “nearly 4 in 10 consumers bought fewer items this year.” (Rachel, 00:45)
  • Growth in sales driven more by inflation than higher unit volumes; average selling prices rose ~7%.
  • Use of “buy now, pay later” was up 9% Y/Y, reflecting constrained budgets and rising price sensitivity.

• Changing Shopping Seasons

  • The shopping period has stretched from one day into a full season, starting as early as October.
  • Quote: "If I miss this discount season, I'm going to be in full price season by the 10th of December." (Travis, 05:21)
  • Retailers benefit from prolonged sales windows, but consumers remain intentional and measured.

• Divergent Consumer Realities

  • The so-called K-shaped economy is still evident:
    “There are haves and have nots… robust spending and a lot of people who are feeling the pinch.” (Lou, 03:44)
  • Warning signs exist, particularly if the segment feeling pressure grows.

Notable Quote

"This one. Two things can be true at once. There can both be robust spending and a lot of people who are feeling the pinch."
— Lou Whiteman (03:44)

What Are eVTOLs, and Why Should Investors Care?

[08:31 – 10:48]

• eVTOLs Defined
  • Electric Vertical Takeoff and Landing aircraft resemble small planes that can take off and land like helicopters, with propellers that can tilt (“shiftable”).
  • Technology originally honed in military applications, now reaching commercial readiness.
  • Several U.S., European, and Chinese companies have emerged, many via SPACs.
  • The leaders (notably Joby and Archer) are nearing FAA approval; U.S. passenger flights expected by 2026, with some international passenger activity already underway.

Notable Quote

"So this is the flying car as we were promised Travis, but it's not nearly what we thought when we drew it up as kids."
— Lou Whiteman (08:46)

Who Are the Major Players, and What Sets Them Apart?

[10:48 – 13:12]

• Key Companies to Watch

  • Joby Aviation: Partnered with Toyota (manufacturing), Delta Airlines (operations), and Uber.
  • Archer Aviation: Partners include Stellantis (manufacturing), United Airlines, Southwest.
  • Beta Technologies: Recently inked a $1B deal to supply motors to EVE Air Mobility.
  • EVE Air Mobility: Born from Embraer, now building out global air traffic management and support.

• Strategic Partnerships Matter

  • These alliances bolster credibility, manufacturing capability, and access to markets.
  • Military contracts and international extensions are key differentiators.

• Market Structure

  • Not expected to become a duopoly like big jets; market is limited (smaller total units vs. jets) but has more room than helicopters, which they aim to replace due to enhanced safety and stability.

Notable Quote

"Everything you would do with a helicopter if a helicopter was safer… that is a big market. But… we don't sell that many helicopters."
— Lou Whiteman (12:24)

Recent Industry News & Consolidations

[13:19 – 15:01]

• Beta–EVE Air Mobility Deal

  • Beta will supply up to $1B of electric pusher motors to EVE over 10 years.
  • EVE's backlog of nearly 3,000 eVTOLs makes Beta’s technology crucial.
  • Embraer retains a majority stake in EVE; the company is also working on urban air traffic management software.

• Consolidation & Holistic Approaches

  • Movement toward vertical integration and “holistic” offerings (hardware + software + service) is accelerating.

Notable Quote

"Stocks of both Beta and EVE rose significantly after this deal was announced... highlights the growing consolidation that we're seeing in this space."
— Rachel Warren (13:51)

Business Models: How Will eVTOLs Actually Make Money?

[16:29 – 21:03]

• Pre-Revenue Reality

  • Most eVTOL companies are still pre-revenue; investment excitement is “based on the imagination… the PowerPoint.” (Lou, 17:04)
  • Two major challenges: solve the science/engineering; then solve the profitable business model.

• Competing Philosophies

  • Joby: Vertically integrated (builds aircraft in-house), wants to operate its own air taxi service (potential Joby app), aiming for 150-mile range.
  • Archer: Asset-light, sells aircraft to airlines/partners, relies on Stellantis to manufacture, ~100-mile range.
  • Both target routes that helicopters now serve (suburb-airport shuttles, EMS, search-and-rescue), but eVTOLs offer greater safety and stability.

• Ride-share & Platform Partners

  • Uber anticipated to play a central demand/booking role, as eVTOLs integrate with existing ride-share platforms.
  • Existing heliports (“vertaports”) create infrastructure runway.

Notable Quotes

"Right now these are all pre revenue and a lot of the ... excitement is based on the imagination... the PowerPoint."
— Lou Whiteman (17:04)

"If you think of [eVTOLs] that way, I think that's the way you can look at...the initial opportunity."
— Lou Whiteman (20:46)

Structural & Regulatory Barriers

[21:31 – 23:47]

• Multiple Entry Points for Investors

  • Through eVTOL manufacturers (Joby, Archer), ride-sharing giants (Uber), and partners (Toyota, Stellantis, airlines).

• Regulatory Progress

  • FAA finalized new rules for powered lift aircraft—the first new civil aircraft category since the 1940s.
  • Framework clears barriers for pilot training/certification and supports launching integration pilots.

Notable Quote

"What's really, really key for adoption here is also having the regulatory guardrails in place."
— Rachel Warren (23:31)

Favorite Stocks & Final Takeaways

[23:47 – End]

• Lou: “My money is with Joby as part of a small diversified portfolio, because there's a lot of risk here, but I think Joby has the best model.” (23:51)
• Rachel: “I'm going to say, Archer, just to be contrarian to Lou, but I also really like the business.” (24:09)
• Travis: “Uber... there's these new technologies, they got to reach customers somehow, and it seems like Uber will play a role.” (24:14)

Timestamps for Important Segments

• Black Friday Consumer Trends – 00:20 – 07:05
• What Are eVTOLs? – 08:31 – 10:48
• Market Leaders, Partnerships, and Differentiators – 10:48 – 13:12
• Beta & EVE Deal, Signs of Industry Consolidation – 13:19 – 15:01
• eVTOL Business Models & Who Will Make Money – 16:29 – 21:03
• Regulatory & Market Adoption, Investor Entry Points – 21:31 – 23:47
• Top Stock Picks – 23:47 – end

Memorable Moments & Quotes

• “There can both be robust spending and a lot of people who are feeling the pinch.”
  (Lou, 03:44)
• “This is the flying car as we were promised, Travis, but it's not nearly what we thought when we drew it up as kids.”
  (Lou, 08:46)
• “Everything you would do with a helicopter if a helicopter was safer…”
  (Lou, 12:24)
• “What's really, really key for adoption here is also having the regulatory guardrails in place.”
  (Rachel, 23:31)
• “Uber... it seems like Uber will play a role.”
  (Travis, 24:14)

Summary

This episode highlights the nuanced reality of consumer spending and inflation in the retail sector before taking a deep dive into the emerging eVTOL market. With significant advances in electric aircraft, regulatory frameworks, and major industry partnerships, the sector is on the brink of commercialization, offering both high promise and substantial risk for investors. The Motley Fool team identifies Joby, Archer, and Uber as key players, while emphasizing the importance of patience, diversified bets, and a keen eye on evolving business models and regulatory developments.