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Joby Aviation (NYSE: JOBY) is an aviation start-up that's designing a flying taxi, otherwise known as an electric vertical takeoff and landing (eVTOL) aircraft.

Don't let the term "flying taxi" fool you: Joby's aircraft looks nothing like the flying bubble cars on The Jetsons. Rather, Joby's eVTOL has six rotors that tilt independently, a stunning mechanism that lets it take off vertically like a helicopter, then fly forward like an airplane.

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The aircraft, if certified by the Federal Aviation Administration (FAA), could shake up how we travel in cities.

Today, to get from point A to point B, most travelers don't have the means to hire a private helicopter. At some point in the future, an everyday city commute could involve reserving a Joby aircraft on your phone, much like you would an Uber.

The potential market opportunity for Joby could be staggering. An often-cited Morgan Stanley (NYSE: MS) report estimated that the urban air mobility and eVTOL market could be worth $1 trillion by 2040. Since that report was published in 2021, circumstances have changed in Joby's favor, including a Trump administration program aimed at accelerating eVTOL deployment, all of which could see eVTOL adoption arrive sooner than the report originally predicted.

Joby stock has dropped over 20% since the summer began, largely due to general market volatility driven by high interest rates, which could pressure the company's balance sheet.

Against that backdrop, however, Joby has been progressing steadily. In April, Joby completed the first-ever point-to-point eVTOL demonstration flight in New York City. And in June, it solidified a strategic alliance with Toyota to start groundwork for their joint eVTOL production.

Joby stock will likely continue to experience turbulence until its future with the FAA becomes more clear. At this point, only aggressive investors with a long-term horizon will likely want to buy the dip on this growth stock.

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Steven Porrello has positions in Joby Aviation. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.

Joby Aviation Is Down 25% Since June 1. Should You Buy the Dip? was originally published by The Motley Fool