Specialist
Former engineer at Aurora Flight Sciences Corp (Boeing Co)
Agenda
- TAM size for eVTOL (electric vertical take-off and landing) players
- Wisk Aero's competitive positioning – core strengths and weaknesses vs players such as Joby (NYSE: JOBY) and Archer (NYSE: ACHR)
- Key eVTOL market challenges, including labour and aircraft certification
- Implications of Boeing's (NYSE: BA) recent investment in Wisk Aero
Questions
1.
Could you give an overview of the eVTOL [electric vertical take-off and landing] industry’s operating environment? What are the key trends?
2.
How has the industry developed over the last year or so? What key challenges are eVTOL OEMs [original equipment manufacturers] facing?
3.
How should we size eVTOL and urban air mobility’s TAM? What’s a fair estimate for the US by 2030 given some sources estimate USD 12bn while others say USD 30bn?
4.
What are you optimistic or concerned about in the market, perhaps within certification, public adoption or infrastructure? Which will be the biggest pain point in reaching that TAM?
5.
Could you give an overview of Wisk and its history?
6.
What are Wisk’s core strengths and weaknesses and how do they compare to Joby or Archer’s?
7.
What are the key competitive differentiators for eVTOL players? Which strengths are most important for an OEM in this market?
8.
Why didn’t Wisk take Cora to certification? Why develop a new aircraft instead?
9.
What key geographical markets will Wisk and other eVTOL OEMs target?
10.
What use cases is Wisk targeting? Does the platform or technology favour a particular market?
11.
How should we frame eVTOL companies’ ability to take share from traditional helicopters? Could they outperform in some markets or use cases?
12.
Online reports estimate 2028 for Wisk’s sixth-generation aircraft’s certification. Do you think that’s fair? What might be a reasonable timeline for the new aircraft’s development and commercialisation?
13.
What key signposts should we monitor to ensure Wisk is on pace for the 2028 certification, aside from getting G1 papers?
14.
What key technical challenges will Wisk face between now and certification?
15.
What key regulatory challenges should we monitor? What are the additional difficulties with unmanned and autonomous aircraft?
16.
Does Wisk’s relationship with Boeing enhance or harm the FAA [Federal Aviation Administration] certification process?
17.
Joby and Archer are expected to be certified between 2023 and 2026. What advantage does being first-to-market give them over Wisk?
18.
Can you expand on the issues with mass manufacturing and scaling operations and how partnerships help mitigate them? Archer and Joby have partnered with automobile manufacturers Stellantis and Toyota respectively, while Wisk has partnered with Boeing.
19.
What key issues or challenges should we monitor as players scale up their manufacturing? You mentioned these issues could be immense.
20.
What opportunities will airline partnerships provide for eVTOL companies? They seem to need a number of alliances to get their products off the ground, as Archer and Joby have partnered with United and JetBlue airlines in addition to the automobile manufacturers.
21.
Where will the USD 450m Boeing recently invested into Wisk be deployed and what advantage does Wisk have being one of the most well-funded eVTOL players?
22.
Wisk anticipates close to 14 million annual flights within five years of certifying the sixth-generation aircraft, operating one of the largest fleets and bringing savings to over 40 million people and 20 cities. Are those forecasts realistic?
23.
EVTOL players such as Joby, Lilium and Archer have lost more than 50% of their market caps since their public market debuts. Did they go to market too early? What have been the industry’s fundamental setbacks or steps forward over the past year?
24.
Will the public market reaction make it harder for future or existing eVTOL companies to acquire capital?
25.
What do you expect within consolidation? Would the top players acquire others or would new companies make an entrance through acquisitions?
26.
Which player might be best-positioned to succeed given the challenges facing the broader market?
27.
What major events or activities should investors monitor for Wisk and other eVTOL OEMs in 2022 and the coming years?
28.
What questions should investors be asking Wisk or other eVTOL OEMs?
