MARINA, Calif. - Joby Aviation , Inc. (NYSE:JOBY), a developer of electric air taxis, has initiated the expansion of its Pilot Production Line at Marina Municipal Airport, with plans to more than double its current manufacturing footprint in California. The company marked the beginning of construction today, with operations expected to commence next year.
During the groundbreaking ceremony, Joby also unveiled its second production prototype aircraft, which will join its first prototype at Edwards Air Force Base later in the year. Two more aircraft are reportedly in the final stages of assembly.
The expansion, partially funded by a $9.8 million California Competes grant, aims to bolster Joby's production capacity to 25 aircraft per year. The new facilities will include an expanded pilot training and flight simulation center, as well as aircraft maintenance facilities to support growing commercial operations.
JoeBen Bevirt, Joby's Founder and CEO, expressed gratitude towards the local community, supporters, and Toyota (NYSE:TM) for their contributions to the company's manufacturing success.
Marina Mayor Bruce Delgado and Monterey County Supervisor Wendy Root-Askew praised Joby's investment in the community, highlighting the benefits of public-private partnerships and Joby's role in the tri-county's high-tech job sector.
The expansion is part of Joby's broader strategy to scale up production capabilities, which includes the recent acquisition of a facility at Dayton International Airport, with plans to produce up to 500 aircraft annually.
Joby's electric air taxi is designed for high-speed urban mobility, capable of carrying a pilot and four passengers at speeds up to 200 mph, with the advantage of low noise and zero operating emissions.
InvestingPro Insights
As Joby Aviation (NYSE:JOBY) forges ahead with its ambitious expansion plans, the company's financial health and market performance remain a focus for investors. According to InvestingPro data, Joby Aviation holds a market capitalization of approximately $3.78 billion. Despite being in the early stages of commercialization, with revenue for the last twelve months as of Q4 2023 standing at $1.03 million, the company maintains an impressive gross profit margin of 80.62%. This indicates strong potential for profitability once production and sales ramp up.
InvestingPro Tips highlight that Joby Aviation currently holds more cash than debt on its balance sheet and analysts are optimistic about sales growth in the current year. This is particularly relevant as the company scales its manufacturing capabilities and moves towards commercial operations. Additionally, with an InvestingPro Fair Value estimate of $4.53, compared to a recent closing price of $5.35, investors are keeping a close eye on the company's valuation metrics.
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