Joby Applies for Aircraft Certification in Australia

Rhea-AI Summary

Joby Aviation (NYSE:JOBY) has formally applied for its electric air taxi to be certified for use in Australia. This application to the Civil Aviation Safety Authority (CASA) builds on a bi-lateral agreement with the FAA and paves the way for introducing quiet, emissions-free air taxis in Australia. Joby's aircraft can carry a pilot and four passengers at speeds up to 200 mph, offering high-speed mobility with minimal noise and zero operating emissions.

The company has completed over 33,000 miles of all-electric flight testing and was the first to fly an electric air taxi in a major U.S. city. Joby has also applied for certification validation in Japan and the UK. In June 2024, Joby received FAA authorization for its 'ElevateOS' software, designed to enable high-tempo, on-demand air taxi operations.

Positive

• Applied for aircraft certification in Australia, expanding potential market
• Completed over 33,000 miles of all-electric flight testing
• First electric air taxi company to fly in a major U.S. city (New York)
• Received FAA authorization for 'ElevateOS' software for air taxi operations
• Raised more than $2 billion in funding from major investors like Toyota and Delta Air Lines

Negative

• None.

Insights

Aviation Industry Analyst

Joby's application for aircraft certification in Australia marks a significant step in the company's global expansion strategy. This move leverages the bi-lateral agreement between the FAA and CASA, potentially streamlining the certification process. However, investors should note that certification is a multi-year process with no guaranteed outcome.

The company's progress in the U.S., including completing three out of five stages of FAA type certification, is promising. The ElevateOS software authorization from the FAA is another positive development, potentially giving Joby an edge in operational efficiency. Yet, the $2 billion raised to date underscores the capital-intensive nature of this venture and profitability remains a distant goal.

While Joby's technological advancements are impressive, the commercial viability of air taxis remains unproven. Investors should closely monitor regulatory progress and potential partnerships in Australia, as these will be important for market entry and revenue generation.

Environmental Policy Expert

Joby's push into the Australian market with its electric air taxis aligns well with global sustainability trends. The aircraft's zero operating emissions and reduced noise pollution could position it favorably in urban areas increasingly focused on environmental impact.

However, the true environmental benefit will depend on factors like energy source for charging and lifecycle analysis of aircraft production and disposal. The potential to reduce ground traffic congestion in major Australian cities is promising, but it's important to consider the broader urban planning implications.

Investors should consider the long-term regulatory landscape for electric aviation in Australia and globally. While current frameworks seem supportive, future policies on urban air mobility could significantly impact Joby's market potential. The company's proactive engagement with multiple regulatory bodies is a positive sign, but the evolving nature of this sector introduces regulatory uncertainty.

Financial Analyst

Joby's expansion into Australia represents a potential new revenue stream, but investors should temper expectations. The company is still pre-revenue and commercialization timelines remain uncertain. The $2 billion raised to date indicates substantial investor confidence, but also highlights the significant cash burn typical of pre-revenue aerospace companies.

The partnerships with established players like Toyota, Delta Air Lines and Uber are strategic assets, potentially providing manufacturing expertise, customer access and operational know-how. However, the lack of clear revenue projections or a definitive timeline to profitability remains a concern.

Investors should closely monitor Joby's cash runway and any potential need for additional funding. The company's ability to meet certification milestones efficiently will be important for maintaining investor confidence and controlling costs. While the long-term potential is significant, the near-term financial risks are considerable in this capital-intensive, highly regulated industry.

SANTA CRUZ, Calif.--(BUSINESS WIRE)-- Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced it has formally applied for its revolutionary aircraft to be certified for use in Australia.

Joby’s all-electric aircraft in flight above Marina, California, the company’s manufacturing and flight test center. Joby Aviation Photo

Joby’s application to Australia’s Civil Aviation Safety Authority (“CASA”) for the validation of an FAA (“Federal Aviation Administration”) type certification builds on a bi-lateral agreement between the U.S. regulator and CASA, and it lays the groundwork for the introduction of quiet, emissions-free air taxis in Australia.

“We’re incredibly excited about the potential for air taxis to offer new and more sustainable ways to travel around Australia’s global cities,” said JoeBen Bevirt, Founder and CEO of Joby. “With commercial powered-lift operations already considered in CASA's regulatory frameworks, we’re pleased to be working with Australian authorities using a regulatory path to market that is actively being pursued by numerous countries around the world.”

Joby’s electric air taxi is designed to carry a pilot and four passengers at speeds of up to 200 mph, offering high-speed mobility with a fraction of the noise produced by helicopters and zero operating emissions.

To date, Joby has completed more than 33,000 miles of all-electric flight with full-scale prototype aircraft and, in November 2023, Joby became the first electric air taxi company to fly in a major U.S. city, taking off from the Downtown Manhattan Heliport in New York and demonstrating its aircraft’s quiet acoustics for an audience including Mayor Eric Adams, who announced the city's intention to electrify the heliport.

Type certification is a multi-year process which sees a company undertake rigorous testing and documentation across each aircraft system to prove the aircraft meets safety standards and is ready for commercial operations. Joby was the first electric air taxi developer to have its FAA certification basis published in the U.S. Federal Register, and was also the first company to complete the first, second and third of five stages of the FAA type certification process required for commercial service.

Joby has also applied to have its FAA type certificate, once received, validated by the Japan Civil Aviation Bureau (“JCAB”) and the United Kingdom’s Civil Aviation Authority (“CAA”).

In June 2024, the Company announced it had received FAA authorization to use a suite of software tools developed in-house, called ‘ElevateOS’, that are designed to enable high-tempo, on-demand air taxi operations. Joby has been actively developing and testing these software tools, in-house, since acquiring Uber Elevate, the air taxi division of Uber in 2021. In 2019, Uber Elevate launched and ran UberCopter, the world’s first on-demand, multi-modal air taxi service, using traditional helicopters that were bookable via the Uber app.

Joby is listed on the New York Stock Exchange and has raised more than $2 billion of funding to date, including investments from Toyota, Delta Air Lines, SK Telecom, Uber and Baillie Gifford.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit www.jobyaviation.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; paths to certification in global markets, including Australia, the United Kingdom and Japan; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our service; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806610491/en/

Joby Aviation

Investors:

investors@jobyaviation.com

Media:

press@jobyaviation.com

Source: Joby Aviation, Inc.

FAQ

What is the status of Joby Aviation's certification process in Australia?

Joby Aviation has formally applied to Australia's Civil Aviation Safety Authority (CASA) for the validation of an FAA type certification for its electric air taxi.

How fast can Joby's electric air taxi fly?

Joby's electric air taxi is designed to fly at speeds of up to 200 mph.

How many passengers can Joby's aircraft carry?

Joby's aircraft is designed to carry a pilot and four passengers.

Has Joby (JOBY) conducted any flight tests with its electric air taxi?

Yes, Joby has completed more than 33,000 miles of all-electric flight with full-scale prototype aircraft.

In which other countries has Joby applied for certification besides Australia?

Joby has also applied to have its FAA type certificate validated by the Japan Civil Aviation Bureau (JCAB) and the United Kingdom's Civil Aviation Authority (CAA).