Regulatory Certification Delays: The company faces significant hurdles in obtaining necessary type certification from aviation authorities, such as the FAA, for its eVTOL aircraft, which is a novel category and any delays or unexpected requirements could severely impact its commercial launch timeline.

Technology Development and Safety Risks: Joby's aircraft technology is complex and new, and there are inherent risks associated with its ongoing development, testing, and ultimate operational safety, including potential for technical failures, battery limitations, or software malfunctions that could undermine public trust or regulatory approval.

Manufacturing Scaling and Supply Chain Challenges: Successfully transitioning from prototype development to mass production of eVTOL aircraft presents substantial manufacturing challenges, including securing and scaling efficient production facilities, managing a complex global supply chain, and ensuring consistent quality, which could be impacted by material shortages or cost fluctuations.