JOBY to Double U.S. Manufacturing Capacity: Growth Story Heating Up?

Joby Aviation JOBY, a developer of electric air taxis for commercial passenger service, has announced plans to double its manufacturing capacity in the United States as it prepares to scale production to four aircraft per month by 2027.

The investment decision comes amid growing momentum for advanced air mobility in the United States. Joby recently disclosed more than $1 billion in potential aircraft and service sales, reflecting rising interest in electric vertical takeoff and landing aircraft. At the same time, federal support for the sector is strengthening. In September, the U.S. government unveiled an eVTOL Integration Pilot Program aimed at accelerating air taxi operations. A related presidential executive order directed the Department of Transportation and the Federal Aviation Administration to enable mature eVTOL aircraft to begin limited operations in select markets as early as next year, even before full FAA certification is completed.

Joby’s leadership stated that the company is entering a transformative phase for aviation, with manufacturing operations in California and Ohio expected to play a central role in redefining short-distance travel. The company believes it is positioning itself among a small group of global manufacturers capable of producing aircraft at scale while maintaining stringent quality standards.

Management also indicated that the maturity of Joby’s air taxi program, combined with strong demand signals, makes this an appropriate time to invest in facilities, equipment and workforce expansion. The company highlighted its collaboration with Toyota Motor Corporation as a key factor supporting this acceleration.

Earlier this year, Joby completed an expansion of its manufacturing facility in Marina, CA, and in October began propeller blade production in Ohio, laying the groundwork for further growth in the state. To support the newly announced increase in output, Joby has started procuring capital equipment required to raise capacity from two to four aircraft per month. The company is also hiring to enable round-the-clock manufacturing operations at its California site.

Progress toward certification has continued alongside manufacturing expansion. Last month, Joby reached a key milestone with the start of power-on testing for the first FAA-conforming aircraft built for Type Inspection Authorization, the final phase of the FAA Type Certification process. The remaining FAA-conforming aircraft required for this testing phase are currently in production.

In May 2025, Joby completed the first $250 million tranche of a strategic investment from Toyota Motor TM. The capital injection by Toyota Motor aims to expedite Joby’s certification process and commercial production. The funding supports a long-term collaboration between JOBY and Toyota Motor, which are now working to finalize a strategic manufacturing alliance aimed at supporting large-scale production ramp-up.

Taking a Look at Another eVTOL Player

Joby’s main rival in the eVTOL space is Archer Aviation ACHR. In December, Archer Aviation shared its plan to build an air taxi network in the Miami metropolitan area. This initiative is meant to help people avoid road traffic and offer a safe and efficient new way to travel across the fast-growing region.

Moreover, Archer Aviation recently entered into a partnership with Karem Aircraft. Through this collaboration, Archer Aviation will gain access to Karem’s advanced rotor and tiltrotor technologies for the next-generation autonomous, hybrid-propulsion VTOL aircraft, supporting its goal of developing a dual-use aircraft that can meet the needs of both commercial users and military operators.

Joby’s Price, Valuation & Earnings Estimates

Shares of Joby have gained in double digits over the past six months, outperforming the Zacks Aerospace-Defense industry. 

6-Month Price Comparison

From a valuation perspective, Joby is trading at a premium compared with its industry. Joby carries a Value Score of F.

The Zacks Consensus Estimate for JOBY’s fourth-quarter 2025, first-quarter 2026, full-year 2025 and 2026 losses have widened over the past 60 days.

JOBY’s Zacks Rank

JOBY currently carries a Zacks Rank #3 (Hold). 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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