Joby Aviation, Inc. (NYSE:JOBY) shares are trading slightly higher in the premarket session on Thursday.
On Wednesday, the firm announced plans to expand its U.S. manufacturing footprint by acquiring a major Ohio aerospace facility in a deal valued at $61.5 million.
Details
The electric air taxi developer secured a 700,000-square-foot site near Dayton to support future production growth. The new plant will help Joby reach a monthly output of four aircraft by 2027.
The company will also use the space to support long-term manufacturing expansion.
Joby expects operations at the Dayton-area location to begin later this year. The facility will complement production sites already operating in California and Ohio.
Founder and CEO JoeBen Bevirt said the site will drive growth as Joby moves from engineering to scaled manufacturing.
"This site will not only support our near-term plan to double production, it can also serve as a base for significant future growth," Bevirt said.
Regional Importance
Dayton sits near Wright-Patterson Air Force Base and the birthplace of powered flight. Joby selected the region for its skilled aerospace workforce and policy support.
Ohio Gov. Mike DeWine said the project ties the state's aviation history to the next generation of aircraft development. Sen. Bernie Moreno (R-OH) credited national industrial policy for helping attract advanced manufacturing to Ohio.
Sen. Jon Husted (R-OH) said the expansion will generate skilled jobs while reinforcing Ohio's manufacturing leadership. Rep. Michael Turner (D-OH) said the project continues Dayton's aviation legacy that began with the Wright Brothers.
Industrial Policy Tailwinds
Joby's growth aligns with federal efforts to speed advanced air mobility adoption. The U.S. Transportation Department plans to deploy the eVTOL Integration Pilot Program in 2026.
Joby recently expanded its Marina, California plant and started propeller blade production in Ohio. It also began buying equipment to increase assembly capacity.
Investors often compare Joby with Archer Aviation Inc. (NYSE:ACHR) as the eVTOL race accelerates. Both companies target urban air mobility markets.
JOBY Price Action: Joby Aviation shares were up 1.54% at $15.79 during premarket trading on Thursday, according to Benzinga Pro data.
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