NEW YORK - Joby Aviation (NYSE:JOBY), a pioneer in the development of electric vertical takeoff and landing (eVTOL) aircraft, has successfully demonstrated its air taxi in New York City, marking a significant milestone in urban air mobility. The company is targeting 2025 for the commercial launch of its service, with New York as a key market following Federal Aviation Administration (FAA) certification.
On Sunday, Joby executed an exhibition flight from Manhattan's Downtown Heliport, showcasing its prototype eVTOL aircraft. This event followed preparatory flights conducted in New Jersey. Today, NYC Mayor Eric Adams announced plans to electrify the Downtown Heliport, signifying strong municipal support for innovative transportation solutions like Joby's.
At the forefront of this venture is Joby's partnership with Delta Air Lines (NYSE:DAL), which aims to offer all-electric home-to-airport services for Delta customers in New York and Los Angeles. The collaboration will extend to infrastructure development at JFK and LaGuardia Airports and involves working closely with the Port Authority of New York.
Joby's CEO expressed gratitude for the city's backing and highlighted the transformative potential of their quiet and fast eVTOL aircraft, which has been validated by NASA. The partnership with Delta also underscores both companies' commitment to enhancing customer experience through innovation.
The company has made significant strides in FAA certification, completing 84% of the necessary steps. Joby has already achieved a notable first by delivering the first electric air taxi to the U.S. Air Force ahead of schedule under a Department of Defense contract. Furthermore, Joby recently rolled off the first aircraft from their Pilot Production Plant in Marina, California.
Joby's expanded flight test program includes manned flights, and its prototype aircraft has accumulated over 30,000 miles since 2017. As for investor sentiment, reactions to Joby Aviation's stock (JOBY) are mixed, with analysts issuing both Buy and Sell recommendations. Nonetheless, an average price target of $8 indicates a potential 46.52% upside from its current trading level.
Representatives Andrew Kimball and Gail Grimmett have echoed a shared vision of innovation and customer-centric service that is expected to redefine travel within New York City. With these developments, Joby Aviation positions itself at the forefront of a new era in urban transportation.
InvestingPro Insights
In line with the latest InvestingPro data, the current stock price for Joby Aviation stands at $5.45. Analysts have set an average price target of $8, suggesting a potential 46.52% upside from its current trading level. Notably, Joby Aviation has completed 84% of the necessary steps for Federal Aviation Administration (FAA) certification, a critical benchmark for its future operations.
Turning to InvestingPro tips, investors may want to consider the company's progress towards FAA certification. As Joby moves closer to full certification, it could signify a promising trajectory for the company. Moreover, strategic partnerships, like the one Joby has formed with Delta Air Lines, could significantly increase its market presence and customer base. Such collaborations could be key growth drivers for the company going forward.
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