Aerospace firm Joby Aviation (JOBY) has started power-on testing (turning on an aircraft’s electrical systems) for the first of several aircraft approved under the Federal Aviation Administration’s (FAA) Type Inspection Authorization (TIA). This is one of the most crucial steps toward obtaining FAA certification for Joby’s electric vertical takeoff and landing (eVTOL) aircraft and brings the company much closer to launching its aircraft for commercial use. In fact, TIA allows Joby to work directly with the FAA to make sure everything on the aircraft is safe before test flights begin.
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According to Didier Papadopoulos, Joby’s president of aircraft manufacturing, starting testing on the aircraft’s systems proves that Joby can build safe aircraft in a consistent and reliable way. He described it as one of the biggest moments in the company’s journey so far that pushes Joby closer to full FAA approval. The company will continue to work closely with the FAA to ensure that every part of the aircraft meets all safety and performance standards.
In addition, later this year, Joby pilots will begin “for credit” flight testing, which means the results will count toward certification. Then, in 2026, FAA pilots will fly the aircraft themselves. The FAA will use the data collected from these tests to decide whether to give Joby what’s called a Type Certification, which is the official approval needed to fly the aircraft commercially. As a result, shares of JOBY are up in today’s trading.
Is JOBY Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on JOBY stock based on one Buy, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average JOBY price target of $15.50 per share implies 3.5% upside potential.
