The financial market was encouraged by the inaugural flight, on the morning of Friday, December 19th, in the city of Gavião Peixoto, São Paulo, of the prototype of an unmanned "flying car" from the electric aircraft manufacturer Eve Air Mobility , a subsidiary of Embraer .
"As expected, Embraer's deep engineering expertise resulted in a flight test prototype with performance in line with initial expectations. We remain confident in the company's ability to successfully execute its flight test plan through to certification," says Itaú BBA in a report.
According to analysts Daniel Gasparete, Gabriel Rezende, and Pedro Tineo, however, Eve's market value is below its potential. "Eve remains an undervalued company, with a market capitalization of US$1.7 billion, when compared to its peers—the American companies Joby, with US$12.6 billion, and Archer, with US$5.1 billion—despite having the largest order backlog."
Eve's shares on the NYSE rose as much as 5% during the day, but lost momentum and were trading 0.1% higher at 5 PM (Brasilia time). Year-to-date, the company has fallen 11.2%. The company's market capitalization is US$1.67 billion.
At the same time, Embraer B3 shares were up 1%, influenced by the announcement of a flyover at the company's test runway. Year-to-date, the aircraft manufacturer's shares have appreciated by 51.4%. Embraer is valued at R$ 65 billion.
On the New York Stock Exchange, Embraer also registered the same rate of appreciation. Shares on the NYSE were up 1.5%, with a cumulative growth of 74% by 2025.
The bank stated that the company's next steps involve gradually expanding the scope of testing to full sustained flights by the wings throughout 2026. The company intends to manufacture six more prototypes specifically to conduct this testing campaign.
From now on, the manufacturer will continue negotiations with the National Civil Aviation Agency (ANAC) and other regulatory bodies for the complete certification of the aircraft. The expectation is that the first deliveries and entry into operation of the model will occur in 2027.
“Today, Eve took flight. This is a historic milestone for our employees, customers, investors, and the entire Urban Air Mobility ecosystem,” says Johann Bordais, CEO of Eve, in a statement.
“This flight validates our plan, which was rigorously executed to deliver the best solution to the market. We were able to capture crucial information that will allow us to move forward safely and confidently on the path to certification,” he added.
“We validated critical elements, from our lift rotor architecture to the aircraft's flight mechanics, and now we are moving on to the flight testing phase, focusing on evolving the product's maturity,” says Jorge Bittercourt, CPO of Eve.
In early December, the Brazilian Development Bank (BNDES) approved financing of R$ 200 million to support Eve in the integration and operation phase of the electric motors for the company's first certified aircraft.
With resources from the Climate Fund (R$ 160 million) and the Finem line (R$ 40 million), Eve will continue preparing the vehicle for the volume of testing. Since 2022, BNDES has already approved R$ 1.2 billion in credit for Eve in different phases of the eVTOL's development, including the construction of the factory in Taubaté, São Paulo.
Eve reported a net loss of US$46.9 million in the third quarter of 2025, a 31% increase over the US$35.8 million recorded in the same period of 2024. The increase was driven by higher research and development expenses.
In this category alone, expenses jumped from US$32.4 million in the third quarter of 2024 to the current US$44.9 million in the third quarter of 2025. Eve currently has an order backlog of 2,800 electric aircraft.
