Joby Aviation, Inc. - JOBY STOCK NEWS

Joby Aviation (NYSE: JOBY) has successfully completed a 523-mile flight using a hydrogen-electric air taxi demonstrator, showcasing the potential for zero-emission regional travel. The flight, which took place on June 24, 2024, in Marina, California, marks a significant milestone as the first forward flight of a vertical take-off and landing aircraft powered by liquid hydrogen.

This achievement builds on Joby's battery-electric air taxi program and involves technology from its subsidiary H2Fly. The hydrogen-electric demonstrator, a converted battery-electric aircraft, used a liquid hydrogen fuel tank and fuel cell system to power six electric motors, with water being the only by-product.

Supported by the U.S. Air Force's Agility Prime program, this demonstration aligns with broader goals of reducing energy demand and diversifying energy sources. Joby plans to leverage the same infrastructure and technology for future commercialization, aiming to redefine regional travel without emissions.

Joby Aviation announced the FAA authorization of its in-house software suite 'ElevateOS' for on-demand air taxi operations. The suite includes pilot tools, operations management, a rider app, and a matching engine. Joby has been testing the software for two years, leveraging its Part 135 certification. The company plans commercial operations by 2025, including partnerships with Delta Air Lines and exclusive services in Dubai. Joby will also support direct sales to business and government customers. ElevateOS aims to offer efficient, seamless, and high-tempo air taxi services.

Joby Aviation (NYSE: JOBY) has acquired the autonomy division of Xwing, known for its advanced autonomous aviation technology. Founded in 2016, Xwing has achieved 250 fully autonomous flights and over 500 auto-landings, marking significant milestones with the Federal Aviation Administration and the U.S. Air Force. Joby aims to leverage Xwing's Superpilot software and expertise to enhance its own electric air taxis and accelerate contracts with the U.S. Department of Defense. This acquisition complements Joby's previous purchase of Inras GmbH, enhancing its technological capabilities for future autonomous operations.

Joby Aviation (NYSE: JOBY) announced a virtual presentation on June 20, 2024, detailing its preparations for launching commercial electric air taxi services.

Executives Bonny Simi and Eric Allison will provide insights into the company's regulatory and operational processes for safe, efficient on-demand air taxi operations.

The event will be accessible via Joby's investor relations website, with a replay available for a period.

Joby Aviation (NYSE:JOBY) has partnered with Mukamalah Aviation, a subsidiary of Saudi Aramco, to introduce electric vertical take-off and landing (eVTOL) aircraft to Saudi Arabia. The agreement contemplates the direct sale of Joby aircraft to Mukamalah, which operates the world's largest fleet of corporate aircraft. The collaboration aims to align with Saudi Arabia's Vision 2030 and net-zero emissions by 2060 goals. Joby’s aircraft, capable of carrying five people at speeds up to 200 mph, offers high-speed, low-noise, and zero-emission travel. This move builds on Joby’s recent milestones, including the first air taxi flight in NYC and the commencement of production in California.

Joby Aviation, Inc. (NYSE: JOBY) reported its First Quarter 2024 results, showcasing positive highlights such as production ramp-up, certification and testing milestones, expanded partnerships with UAE and U.S. Air Force, and a strong financial foundation with $924 million in cash and short-term investments. The company is progressing with the development of electric air taxis for commercial passenger service.

Joby Aviation, Inc. (NYSE: JOBY) has completed its pre-production flight test program and is advancing to the next phase of flight testing, focusing on the preparation for upcoming for-credit flight testing. The program included over 1,500 flights covering more than 33,000 miles in four years, with successful demonstrations of maximum range, speed, and acoustic performance. Joby's aircraft design showcased revolutionary quietness, high speeds, and high altitudes, setting new standards for electric air taxis.

Joby Aviation, Inc. (NYSE: JOBY) expands its manufacturing facility in California, doubling its footprint at Marina Municipal Airport. A second production prototype aircraft has been rolled off the production line. The expansion, funded in part by a $9.8 million California Competes grant, aims to support a production rate of 25 aircraft per year. The new facility will also house pilot training, flight simulation center, and aircraft maintenance facilities.