Joby stock rallied on Tuesday after the electric air taxi maker announced plans to expand operations.
Santa Cruz, Calif.-based Joby Aviation on Tuesday said it would build out its Monterey Bay facility in Marina, California, which will enable it to double aircraft production capacity at the location.
The expanded site will span 435,500 square feet, helping the 16-year-old company to scale up its commercial operations. In addition, Joby is ramping up operations at its newly-renovated facility in Dayton, Ohio, to manufacture and test aircraft components. Joby said it also expanded its test flight program and is adding a new aircraft to its fleet.
The opening of the new manufacturing space is a key step for Joby as the company prepares to scale production and enter the market.
Once operational, Joby expects the Marina site to be able to produce up to 24 aircraft per year.
"Reimagining urban mobility takes speed, scale and precision manufacturing," CEO Eric Allison said in the news release. "Our expanded manufacturing footprint in both California and Ohio is preparing us to do just that."
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Joby plans to launch commercial operations in Dubai early next year, before expanding to U.S. cities. The company has already started market readiness efforts in the region. Joby in late June completed a series of piloted, vertical-takeoff-and-landing wingborne flights in Dubai and delivered its first aircraft to the United Arab Emirates.
Meanwhile, construction is underway for the first commercial vertiport site at the Dubai International Airport, which is on track to be completed in Q1 of 2026.
Joby Stock
JOBY stock soared 10.5% Tuesday. Shares have rallied 32% this month and are up almost 66% so far this year. The stock is closing in on its record high of 17 from February 2021.
Archer Aviation, another eVTOL maker, surged 4.3% Tuesday. ACHR stock is up more than 15% in 2025.
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