TLDR

  • Joby Aviation has started test flights of its first production-model electric air taxi at its Marina, California facility.
  • Company pilots are conducting 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 aiming to launch its first passenger service in Dubai later this year, with two of four planned landing sites already under construction.
  • The company plans to produce four aircraft per month by 2027 at its facilities in California and Dayton, Ohio.

Joby Aviation has begun flying its first production-model electric air taxi, a critical step in the company’s journey toward FAA certification and commercial service.

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

Joby Aviation, Inc. (JOBY)
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Reaching TIA is important. It’s one of the final major regulatory obstacles before an aircraft can be approved for commercial passenger operations.

Joby has collaborated with the FAA for several years. Regulators have already reviewed and approved the designs, components, and production plans used to build this aircraft.

The company’s development fleet has accumulated more than 50,000 miles in previous flight tests, so this isn’t a new starting point. The production model now in flight is the next phase in that process.

What the Aircraft Can Do

The air taxi uses six rotors to take off vertically like a helicopter, then switches to forward flight like a traditional airplane. It seats one pilot and four passengers.

Joby says the aircraft has no direct emissions and is engineered to be quieter than conventional helicopters — two points the company has emphasized in its pitches to regulators and cities.

JOBY stock rose 3.54% on the news Wednesday.

Dubai Is First, U.S. Follows

Joby’s first commercial flights are scheduled 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 start limited operations this year as part of a White House-supported initiative to speed up the integration of electric air taxis into national airspace.

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

On the manufacturing side, Joby is expanding production capacity at its California and Dayton, Ohio facilities. The goal is to produce four aircraft per month by 2027.

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

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