JoeBen Bevirt, founder and CEO of Joby Aviation, stands near an electric air taxi by Joby Aviation at the Downtown Manhattan Heliport in Manhattan, New York City, U.S., November 12, 2023.
Roselle Chen | Reuters
Joby Aviation is ramping up its manufacturing capabilities in the U.S. as it races to roll out air taxi service in 2026.
The electric vertical takeoff and landing (eVTOL) maker said Tuesday that it’s launching production at its remodeled components facility in Dayton, Ohio, and plans to double capacity at its Marina, California, manufacturing hub.
“Reimagining urban mobility takes speed, scale, and precision manufacturing. Our expanded manufacturing footprint in both California and Ohio is preparing us to do just that,” said product chief Eric Allison in a release.
Shares jumped more than 7%, building on a 16% year-to-date gain.
Joby Aviation and competitors such as Archer Aviation and Eve Air Mobility are aiming to roll out eVTOLs worldwide that can ease traffic congestion in crowded city centers, but they are awaiting regulatory approval.
The company is currently in the process of gaining Federal Aviation Administration approval for its vehicles.
Last month, Joby Aviation shares popped on news that it delivered its first eVTOL to the United Arab Emirates, with plans to launch service in the region next year. The company agreed to an exclusive six-year deal to roll out air taxi service in Dubai last February.
Joby said the new facilities will create hundreds of new full-time jobs and underscore its commitment to fostering American innovation. At full capacity, the 435,500-square-foot California factory will manufacture as many as 24 aircraft annually.
The electric air transport company also said the opening coincided with the flight of its sixth aircraft.
Engineers from Toyota will help ramp up aircraft production to 500 annually at the Ohio facility. The companies inked a $500 million deal last year.
Shares of Joby and its competitors have ballooned in value this year as interest in the technology gains steam.
In June, President Donald Trump signed an executive order that included the creation of an air taxi testing program.
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