Joby Aviation (JOBY) Stock Rises as First Production Air Taxi Takes Flight

TLDR

• Joby Aviation has begun test flights of its first production model electric air taxi at its Marina, California facility.
• Company pilots are running initial tests before FAA pilots take over certification evaluations later this year.
• The aircraft is a six-rotor electric vehicle that carries one pilot and four passengers, taking off and landing vertically.
• Joby is targeting its first passenger service in Dubai later this year, with two of four landing sites already under construction.
• The company aims to produce four aircraft per month by 2027 at facilities in California and Dayton, Ohio.

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Joby Aviation has started flying its first production model electric air taxi, a key step in the company’s path to FAA certification and commercial service.

The test flights are happening at Joby’s facility in Marina, California. Company pilots are leading the early evaluations before handing over to FAA pilots later this year for type inspection authorization (TIA) — a formal checkpoint in the aircraft certification process.

Joby Aviation, Inc., JOBY

Getting to TIA matters. It’s one of the last major regulatory hurdles before an aircraft can be cleared for commercial passenger operations.

Joby has been working with the FAA for years. Regulators have already reviewed and approved the designs, parts, and production plans used to build this aircraft.

The company’s development fleet has logged over 50,000 miles in earlier flight testing, so this isn’t a cold start. The production model now in the air is the next step in that process.

What the Aircraft Can Do

The air taxi uses six rotors to lift off vertically like a helicopter, then transitions to forward flight like a conventional plane. It seats one pilot and four passengers.

Joby says the aircraft produces no direct emissions and is designed to be quieter than traditional helicopters — two points the company has pushed in its pitch to regulators and cities.

JOBY stock was up 3.54% on the news Wednesday.

Dubai Is First, U.S. Follows

Joby’s first commercial flights are planned for Dubai later this year. Two of the four planned landing sites in the city are already under construction, a detail the company shared in February.

In the U.S., Joby will begin limited operations this year as part of a White House-backed initiative to speed up integration of electric air taxis into national airspace.

The FAA announced eight pilot programs under that initiative Monday. Joby is participating in five of them.

On the manufacturing side, Joby is building out production capacity at its California and Dayton, Ohio facilities. The target is four aircraft per month by 2027.

TipRanks currently gives JOBY a Hold consensus rating — two Buys, four Holds, and two Sells over the last three months. The average price target sits at $13.25, which would represent a 29.52% upside from current levels.

Joby is participating in five of the eight FAA pilot programs announced Monday as part of the White House-backed air taxi initiative.

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