Joby Aviation Inc. (NYSE:JOBY) saw its shares rise 5.2% in after-hours trading Monday after the company was named as a partner in multiple successful applications to the White House-backed Electric Vertical Takeoff and Landing Integration Pilot Program.
The program, created by Presidential Executive Order, authorizes Joby to commence early air taxi operations this year in Arizona, Florida, Idaho, New Jersey, New York, North Carolina, Oklahoma, Oregon, Texas and Utah prior to full FAA type certification. The initiative pairs the Federal Aviation Administration and the Department of Transportation with local authorities to streamline approvals related to airspace integration and infrastructure development.
JoeBen Bevirt, Joby’s Founder and CEO, described the selection as a milestone in a company statement: "This is a defining moment for American innovation. Instead of just reading about the future of flight, communities across America are going to be able to see it in the skies above their own cities this year."
Joby will take part in five of the selected programs. Among the specific initiatives highlighted are Florida’s statewide effort, which encompasses cargo delivery, passenger transportation, automation and medical response, and operations at the Manhattan heliport run by the Port Authority of New York and New Jersey. The company’s Superpilot autonomous flight technology platform was also chosen for multiple applications.
The selected applications will move into an Other Transaction Authority - OTA - stage to finalize agreements and operational specifics. According to the information provided, flights under the pilot programs are expected to begin within 90 days after OTA contracts are finalized.
On the aircraft front, Joby reported that its first FAA-conforming aircraft for Type Inspection Authorization is slated to fly shortly. The company has also announced plans to expand production capacity, targeting a build rate of four aircraft per month in 2027 at enlarged facilities in Marina, California and Dayton, Ohio.
The combination of regulatory engagement through the pilot program, selection of Joby’s autonomous flight platform for multiple applications, and the company’s stated production roadmap appear to have contributed to investor reaction in after-hours trading.
Sectors impacted
- Aerospace and aviation production
- Passenger transportation and logistics
- Medical response and local infrastructure planning