I believe the entire aircraft has a parachute that can deploy in the event of engine failure.

Edit: I'm wrong. https://www.ainonline.com/news-article/2022-04-08/developers...

> Joby also insisted that the high levels of redundancy built into its four-passenger eVTOL design obviate the need for a parachute. The company, which recently lost one of its two prototype aircraft during a flight test accident, said that the vehicle can safely operate after failures to the motors, batteries, or electric propulsion units and also has the option to land vertically or glide to the ground on its wing.