Joby Aviation, Inc. (NYSE:JOBY) stock is trading higher Tuesday after the company announced that it’s expanding its manufacturing capacity at its facilities in California and Ohio and adding aircraft to its fleet.
What To Know: Joby said its Marina, California site now spans approximately 435,500 square feet, doubling its production capacity. The company also ramped up its newly renovated facility in Dayton, Ohio to manufacture and test aircraft components.
The expansion supports Joby’s plans to scale commercial operations. The Marina site is expected to produce up to 24 aircraft per year and house key functions including FAA production certification, flight testing, pilot training, and maintenance.
“We celebrated the opening of the new facility with the flight of our sixth aircraft, which earned airworthiness certification within a week of completion,” said Eric Allison, Chief Product Officer. “Our expanded manufacturing footprint in both California and Ohio is preparing us to scale with speed and precision.”
The company is leveraging Toyota's manufacturing expertise to drive efficiency and scale. It plans to eventually build up to 500 aircraft annually at the Dayton location.
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JOBY Price Action: At the time of writing, Joby shares are trading 5.29% higher at $13.30, according to data from Benzinga Pro.
Image: Courtesy of Joby Aviation
