Electric air taxis have long sounded like something from the future. Joby Aviation (JOBY) is trying to bring that future closer. The company said it has begun flying its first production aircraft, an important step as it works toward launching passenger service.
Meet Samuel – Your Personal Investing Prophet
High conviction JOBY bulls now have this Tradr ETFThe early flights are taking place at Joby’s facility in Marina, California, where company pilots are testing the aircraft before federal regulators step in. These flights will help prepare the aircraft for certification checks by the U.S. Federal Aviation Administration (FAA) later this year.
Joby has already spent years working with regulators to approve the aircraft’s design, parts, and production plans. Its development aircraft have also logged more than 50,000 miles in earlier test flights.
A New Kind of Aircraft
Joby’s air taxi is designed to work like a mix between a helicopter and a plane. It uses six rotors to lift off and land vertically, then flies forward like a traditional aircraft.
The electric aircraft can carry one pilot and four passengers, and the company says it is designed to be quieter than helicopters while producing no direct emissions.
First Passenger Flights Could Come Soon
Joby hopes to launch its first passenger service in Dubai later this year. Two of the planned four landing sites for the service are already being built in the city.
The company is also preparing for limited operations in the United States as part of a federal program aimed at bringing electric air taxis into the national airspace.
Looking further ahead, Joby plans to increase production at its facilities in California and Dayton, Ohio, with a target of building four aircraft per month by 2027.
Is Joby Aviation Stock a Good Buy?
On TipRanks, JOBY stock has received a Hold consensus rating, with two Buys, four Holds and two Sells assigned in the last three months. The average JOBY stock price target is $13.25, suggesting a potential upside of 29.52% from the current level.
