Shares of Joby Aviation (NYSE: JOBY) continued their upward momentum this week following a major expansion announcement at the company’s Marina, California production site. The electric air taxi developer has doubled the facility’s size and production capacity, reinforcing its position as a leader in the emerging electric vertical take-off and landing (eVTOL) market.
The expanded 435,500-square-foot Marina facility will now support the production of up to 24 aircraft per year, or nearly one every other week once fully ramped. The site will also play a critical role in FAA certification, pilot training, and aircraft maintenance. The move marks a key milestone as Joby pushes toward commercial air taxi service launches beginning in Dubai in 2026, followed by expansion into a U.S. city.
Adding to the Fleet and Future Capacity
In conjunction with the facility expansion, Joby added a sixth aircraft to its fleet, which received airworthiness certification within a week of completion.
“We celebrated the opening of the new facility with the flight of our sixth aircraft,” said Eric Allison, Chief Product Officer at Joby.
Joby is also advancing construction at its Dayton, Ohio facility, which is expected to eventually produce up to 500 aircraft annually. The site, currently undergoing equipment installation, will manufacture and test aircraft components and represents a major step toward Joby’s large-scale commercial production goals. Engineers from Toyota, a Joby investor and manufacturing partner, are assisting in developing both the Marina and Dayton sites. Toyota recently closed a $250M tranche of a previously announced $500M investment into the company.
Market Outlook and Government Support
Joby, which currently boasts a market cap of $10.63Bn and maintains a cash-rich balance sheet with low debt, is one of the most closely watched players in the eVTOL sector. The company received a $9.8M grant from California’s Office of Business and Economic Development, as well as $10M in equipment cost relief through a state treasurer program, helping to fuel its manufacturing scale-up.
The company’s global ambitions are equally notable. Joby recently completed a series of piloted eVTOL flights in Dubai, successfully demonstrating its technology in extreme heat conditions. Dubai’s Roads and Transport Authority observed the tests and has partnered with Joby to build vertiport infrastructure at key locations, including Dubai International Airport, slated for completion by early 2026.
Analyst Sentiment and Investor Momentum
Joby’s shares are currently trading near their 52-week high of $12.65, up more than 80% year-over-year, reflecting strong investor confidence. Recent analyst activity highlights growing optimism:
H.C. Wainwright: Buy, $13.00 price target
Canaccord Genuity: Buy, $12.00 price target
Cantor Fitzgerald: Neutral, $9.00 price target
Canaccord pointed to Joby’s extensive testing, over 40,000 flight miles, as a key indicator of its readiness to scale operations. Analysts have also noted that the company’s exclusive operating rights in Dubai and strategic manufacturing partnerships could justify future price target upgrades.
Joby CEO, JoeBen Bevirt is scheduled to speak at the upcoming Reindustrialize Summit in Detroit on July 16, where he’s expected to share updates on Joby’s U.S. manufacturing strategy.
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