Joby Aviation Inc. surged 40% on Wednesday after it was given a key green light by US regulators in an effort to build electric air taxis.
The company is based in Santa Claus, California, said in a statement that approval from the Federal Aviation Administration would allow it to test flying taxis off its production line; Previously it could only demo a handcrafted prototype. Joby showed off the first aircraft from his production facility at a media event.
“This is a big moment,” said Joby CEO JoeBen Bevirt on Bloomberg TV from the factory in Marina, California.
The shares have now doubled since the end of April. The protest highlights the growing enthusiasm for a business backed by Toyota Motor Corporation. aims to disrupt where others have failed to provide inexpensive, vertical lift aircraft for short hops. The big goal is to create a new type of small electric flying taxi designed to take passengers through cities to avoid car traffic.
But the company still has a long way to go, as it needs FAA certification, Bevirt said. The company aims to build “dozens” of planes this year from its production line and start commercial flights by 2025. “We are still in the crawling phase of this journey.”
In the longer term, Joby is evaluating other locations in different US states to find a larger facility that can build planes in the hundreds of planes per year, Bevirt said.
The company has provided more details about the plane, which is designed to take off vertically like a helicopter and then fly like a small plane. Joby says its vehicle can handle 1,000 pounds, which counters concerns it won’t be able to meet its goal of carrying four passengers and a pilot, according to Raymond James analyst Savi Syth .
In addition, Tetsuo Ogawa, the president of ToyotaJoby’s North American division, will join Joby’s board on July 1. Toyota is Joby’s largest outside investor with a roughly 12% stake, according to the data. calculate by Bloomberg. The automaker helped Joby build his manufacturing capabilities. The companies had a long-term agreement for Toyota to supply the powertrain and some parts.
Company, also counting Delta Air Lines Inc. and Intel Corp. among its largest shareholders, says the initial production units will become the first electric-powered vertical take-off and landing vehicles – or eVTOLs – to be delivered to paying customers when Force The United States Air Force will receive them next year. The cars are part of a $131 million contract.
Dan Ketchel, Delta’s director of sustainability and performance partnerships, said Joby’s air taxi service aligns with its investments at Los Angeles International Airport, JFK and LaGuardia.
“We have made incredible investments in terminals over the past few years, and we are delighted that Joby offers an equally innovative transportation solution,” said Ketchel.
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