Joby Aims to Double Production Capacity: What's the Path Ahead?

Joby Aviation JOBY, a leading player in the electric vertical takeoff and landing (eVTOL) space, announced plans to expand operations. To this end, the transportation company announced the expansion of its site in Marina, CA, which will double its aircraft production capacity at that location.

The expanded site will span 435,500 square feet, helping the company to scale up its commercial operations. Once operational, Joby expects the Marina site to be able to produce up to 24 aircraft per year as it races to launch air taxis. This will also provide key capabilities, including its initial Federal Aviation Administration (“FAA”) production certification, conforming ground and flight-testing components, pilot training simulators and aircraft maintenance. Joby plans to launch commercial operations in Dubai early next year, before expanding to U.S. cities. 

The company is also ramping up operations at its newly renovated facility in Dayton, OH, to manufacture and test aircraft components. Joby has also expanded its test flight program and is boosting fleet size by adding a new aircraft. The company’s close collaboration with Toyota Motor TM is a key reason behind the former’s expansion move. Per Joby, engineers from Toyota have "deeply integrated" with the process and continue to offer support to optimize manufacturing and design. Recently, Joby announced the successful closure of the first $250 million tranche of the strategic investment from Toyota.

Taking a Look at the Growth Drivers of JOBY’s Key Peer

Archer Aviation ACHR, another prominent eVTOL aircraft developer, is currently in the final stages of the commercial rollout of its flagship Midnight aircraft to offer short-haul air taxi services. Strong government and commercial collaborations strengthen Archer Aviation’s position in the expanding eVTOL market.

In June 2025, Archer Aviation signed an agreement with Indonesia’s PT. IKN to deploy its Midnight eVTOL aircraft, making Indonesia the third country in the Launch Edition program. The goal is to build a clear path to commercial use of its Midnight aircraft before receiving full certification in the United States, following similar plans in the UAE and Ethiopia. Archer Aviation recently signed a strategic partnership with Jetex.

JOBY’s Price Performance, Valuation & Estimates

Shares of JOBY have surged in triple digits so far this year, easily outperforming its industry.

YTD Price Performance

From a valuation perspective, Joby is trading at a premium compared with the industry average. In terms of price-to-book value, JOBY is trading at 15.05X, higher than the industry’s average of 3.62X.

The Zacks Consensus Estimate for JOBY’s 2025 and 2026 losses has remained stable over the past 30 days.

JOBY’s Zacks Rank

JOBY currently carries a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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