Joby Aviation (NYSE:JOBY) gained significant traction, surging more than 70% year-to-date. Achieving a groundbreaking feat, the company conducted New York City’s inaugural electric air taxi flight in collaboration with Delta Airlines (NYSE:DAL). This milestone positions New York as a key early market for JOBY stock and could be the launch pad for new markets moving forward.
Joby has made remarkable progress, completing 84% of the U.S. Federal Aviation Administration’s (FAA) Stage 3 certification requirements. The company’s 2025 roadmap includes launching a commercial service, signaling a new era in urban air mobility.
Production is underway, with three aircraft being assembled at Joby’s pilot production facility. This positions the electric vertical takeoff and landing (VTOL) aircraft maker as one to consider relative to its peers for investors looking at this sector right now.
JOBY Has Great and Continuous Partnerships
Last week, Joby Aviation, based in Santa Cruz, secured a $9.8 million CalCompetes grant to boost local workforce investment. The program supports California expansion, addressing concerns about the company’s commitment amid plans for a manufacturing facility in Dayton, Ohio.
Under the grant, JOBY stock reaffirmed its commitment to California, pledging to create 690 full-time jobs by 2027, adding to its current workforce of approximately 1,250. The funds will support expansion across facilities, generating new manufacturing, maintenance, and pilot training jobs at Marina Municipal Airport and other San Carlos and Santa Cruz offices.
The company accelerated its manufacturing timeline, aiming for commercial operations by 2025. Recently, the company achieved a milestone by showcasing its aircraft in New York City, marking the inaugural flight outside of California.
Flying in NYC Super Soon
In a historic development, a Joby Aviation eVTOL, an electric vertical takeoff and landing aircraft, made history as the first to soar over New York City, marking a significant step in advancing environmentally friendly short-distance travel solutions.
The Joby eVTOL, capable of covering up to 100 miles on a single charge, signifies a transformative approach to passenger transportation, mainly from nearby cities to airports. Founder and CEO JoeBen Bevirt emphasizes New York’s global leadership in adopting emissions-free flights, prioritizing affordability, and reducing helicopter noise impact.
The introduction of eVTOLs in New York City promises transformative travel, significantly reducing commute times, with an eVTOL flight from Manhattan to JFK Airport taking only five to seven minutes compared to a car’s 45 minutes to an hour. Beyond speed, these electric vehicles contribute to environmental sustainability, emitting 52% less harmful carbon pollution than cars. Additionally, their design prioritizes quiet operation, offering a noise-free alternative in urban settings.
Flying Car Stocks: A Total Game Changer
Joby Aviation has reported impressive quarterly results, driving enthusiasm in the sector. Its stock surged 24%, with rivals Lilium, Archer Aviation, and Vertical Aerospace also experiencing significant gains during early November trading.
These firms belong to the cohort of “flying car” stocks focused on developing electric vertical takeoff and landing aircraft (eVTOLs). Joby’s recent results, breaking even for the quarter and ending with $1.1 billion in cash, signal the industry’s development progress.
Joby reported advancements in the certification process, as the Federal Aviation Administration accepted a substantial part of its application. Additionally, Joby achieved a milestone by delivering the first electric air taxi to the U.S. Air Force under a $131 million government contract.
Right now, investors have a green light to invest in JOBY stock, but I must point out this is a more speculative buy in my books. That said, I think a small position could be worth making here, and this is a stock that’s high on my watch list right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.