Shares of Joby Aviation (JOBY 17.24%) are rising on Wednesday, up 13.2% as of 12:54 p.m. ET. The jump comes as the S&P 500 and Nasdaq Composite were both down modestly.
Joby, which develops electric vertical takeoff and landing (eVTOL) aircraft, announced yesterday that it will double production in its Marina, California, manufacturing site.
Joby ramps production ahead of air taxi launch
Joby expanded its domestic production site in California to scale up its production capabilities ahead of the planned 2026 launch of its air taxis. The site now spans 434,500 square feet, allowing the company to produce up to 24 aircraft a year once it is fully operational. The site will also host the company's pilot simulators and will be its primary aircraft maintenance facility.
Joby says that engineers from its key strategic partner, Toyota, have "deeply integrated" with the process and continue to offer support to optimize manufacturing and design.
Image source: Getty Images
Along with the expansion announcement, the company "celebrated" with "the flight of [its] sixth aircraft, which earned airworthiness certification within a week of completion."
Joby looks to be on schedule
While there are more FAA hurdles to clear, and the company is far from the finish line of a full commercial launch, it continues to appear on track and outpace its main rival, Archer Aviation. Investors should note that there is a lot of growth priced into the stock already -- its market cap is north of $13 billion with no revenue. I would wait until this one comes back to Earth.
