Joby Aviation Stock Flies High On Expansion Of Marina Site, Retail Boards The Flight

Joby Aviation, Inc. (JOBY) on Tuesday announced the expansion of its site in Marina, California, to double aircraft production.

JOBY shares traded 7% higher by Tuesday afternoon at the time of writing.

California-based Joby, which develops electric air taxis for commercial passenger service, announced that the site now spans approximately 435,500 square feet of space and will support the scale-up of its commercial operations.

Once fully operational, the expanded Marina site is expected to be able to produce up to 24 aircraft per year, or nearly one every other week.

It will also provide key capabilities, including Joby’s initial Federal Aviation Administration (FAA) production certification, conforming ground and flight testing components, pilot training simulators, and aircraft maintenance.

Joby's broader manufacturing network includes three additional facilities in Santa Cruz, San Carlos, and Dayton, Ohio. While the Santa Cruz facility serves as the headquarters, the San Carlos facility is focused on powertrain and electronics, and the Dayton facility will manufacture and test aircraft components for Joby’s pilot production line.

The Dayton site has the capabilities required for FAA production certification, supporting the company’s plans to scale its operations. Equipment installation is underway, and production is being ramped up to eventually build up to 500 aircraft a year at the location.

With its newly expanded Marina facility, the company plans to add hundreds of full-time jobs to support increased aircraft production. Joby also has a close collaboration with Japanese automaker Toyota Motor Corp. (TM), which provides counsel to support the company’s efforts across design, manufacturing, and quality.

On Stocktwits, retail sentiment around Joby jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours while message volume remained at ‘high’ levels.

JOBY stock is up by 66% this year and by 94% over the past 12 months.

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