Joby Aviation stock falls in March amid market sell-off

Joby Aviation’s stock fell 17.9% in March, according to data from S&P Global Market Intelligence. The decline occurred amid a broad sell-off in risk assets, with Archer Aviation down 27.4% over the same period, alongside the S&P 500’s overall decline. In such periods, higher-risk assets often experience sharper selling as investors move toward “flight to safety.” Operationally, March was mixed for the company.

Bad news: impact from the Persian Gulf conflict

Joby and its peer Archer were both affected by the conflict in the Persian Gulf. In late February—just days before the U.S. and Israel attacked Iran—Joby and Uber announced Uber Air, a service that would allow customers to book Joby air taxis through the Uber app. With initial customers expected to be in Dubai, the timing of the announcement coincided with worsening regional conditions.

More positive developments in March

Despite the market pressure, Joby reported several operational milestones during March.

Selected for eVTOL Integration Pilot Program

In early March, Joby said it was selected as a partner in multiple winning applications under the White House-backed Electric Vertical Takeoff and Landing (eVTOL) Integration Pilot Program (eIPP). The company said this could allow it to begin operations in 10 states in 2026, including Florida, New York, and Texas.

FAA-conforming flight testing begins

In mid-March, Joby announced it had begun flight testing Federal Aviation Administration (FAA) conforming aircraft for Type Inspection Authorization (TIA). The company said this work prepares the ground for FAA pilots to conduct flight testing of the aircraft later. Joby also completed high-profile demonstration flights across the San Francisco Bay.

Outlook and market implications

The positive March developments may help reduce some uncertainty around Joby’s progress, but the Persian Gulf turmoil is described as a setback to eVTOL development, particularly because the UAE is viewed as a potential pathway to commercial eVTOL deployment ahead of FAA certification.

Overall, the stock’s March decline and the company’s progress on regulatory and testing steps were both central themes during the month.