Joby Aviation（JOBY）正在测试第二代氢电飞行器

Bailey Pemberton

Fri, October 23, 2026 at 8:20 PM GMT+9 3 min read

• Joby Aviation (NYSE: JOBY) has begun testing a second generation hydrogen electric uncrewed aircraft, marking a new phase in its flight program.

• The business is contending with a substantial jury verdict in a trade secret case that raises material legal exposure for Joby.

• Regulatory progress is also under pressure as FAA certification timelines for Joby aircraft have encountered fresh delays.

• The mix of hydrogen electric aircraft tests and concurrent legal and FAA certification setbacks deserves weighing against the rest of our findings. Take a look at 1 other big win we have identified for Joby Aviation.

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Joby Aviation is an air mobility business developing electric vertical takeoff and landing aircraft across the US, Japan, Europe, and other markets. The hydrogen electric test program and current legal and FAA hurdles sit at the center of how its future product line could reach commercial use.

We've flagged 1 risk for Joby Aviation. See which could impact your investment.

Hydrogen bets meet hard execution questions for Joby Aviation

Joby Aviation's Narrative asks investors to back a broad air mobility platform that leans into autonomy and hydrogen propulsion, even as certification and capital demands stay intense. This test flight plus fresh legal and FAA friction lands right on that tension.

"Joby is tying a key part of its long term story to autonomy and hydrogen propulsion, areas that depend on regulatory shifts and infrastructure that are still forming..."

See how the full story points towards a $10.34 fair value for Joby Aviation.

The hydrogen electric uncrewed aircraft work lines up neatly with that long term bet and with efforts by peers like Archer Aviation and Lilium to widen their technology options. The risk is that each extra propulsion path and autonomy program adds complexity to certification, so slippage at the FAA directly stresses the multi segment model described in the Narrative.

The US$116.9 million jury verdict and certification delays both hit where analysts already saw pressure, around cash use, operating losses and execution across many projects at once. For readers, this update can be read as either useful proof that Joby is investing ahead of the curve or as evidence that the broader ambition is stretching the business model.

The same announcement can look like a forward leaning technology milestone or a warning on overreach, depending on which version of the Joby Aviation story you believe.