EVTOL operators like Joby and Archer believe their primary advantage over traditional ride-sharing options like Uber and Lyft is speed. For example, these air taxis can replace car trips in traffic that might take 60-90 minutes with a 10-20 minute flight.

Archer Aviation (NYSE:ACHR) shares tumbled over 13% premarket on Tuesday after the air-taxi maker said it has raised $300M in equity financing from investors, including funds and accounts managed by BlackRock (BLK),