Joby Aviation Inc. (NYSE:JOBY) unveiled plans on Wednesday to double its manufacturing capacity in the United States, in a move that will support the production of four aircraft per month over the next two years.
The move comes as regulators and industry stakeholders are stepping up efforts to integrate electric vertical takeoff and landing aircraft into mainstream transportation as a way to ease urban congestion.
Joby Boosts Output Plans As Boeing’s Air Taxi Unit Completes Test Flights
The electric air taxi company recently revealed potential aircraft and service sales exceeding $1 billion. The U.S. government’s eVTOL Integration Pilot Program, initiated in September, aims to accelerate air taxi operations.
A Presidential Executive Order has directed the Department of Transportation and the Federal Aviation Administration (FAA) to facilitate the commencement of mature eVTOL aircraft operations in select markets as early as next year, before receiving full FAA certification.
Boeing’s (NYSE:BA) air taxi unit, Wisk Aero, on Tuesday completed test flights for its sixth-generation eVTOL.
JoeBen Bevirt, the founder and CEO of Joby Aviation, expressed his enthusiasm for the future, stating, “We are entering the next golden age of aviation.”
Joby Expands Air Taxi Partnerships
Joby Aviation has been making significant strides in the electric air taxi industry.
The company announced a Memorandum of Understanding with Red Sea Global and The Helicopter Company to conduct pre-commercial evaluation flights in Saudi Arabia, establishing a “sandbox” for future air taxi operations. This strategic move followed a polarizing third-quarter earnings report, where Joby posted revenue of $22.57 million, significantly above what analysts had estimated.
In October, Joby also announced a collaboration with Nvidia Corp (NASDAQ:NVDA) to advance the development of its Superpilot autonomous flight technology across military and civil platforms. Joby is Nvidia’s only aviation launch partner for its Nvidia IGX Thor platform.
Benzinga’s Edge Rankings place Joby Aviation in the 89th percentile for momentum, and it had a stronger price trend over the long term but a weaker trend over the medium and short term. Check the detailed report here.
Price Action: On a year-to-date basis, Joby Aviation stock climbed 63.16% as per data from Benzinga Pro. On Thursday, it dropped 6.18% to close at $13.20.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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