Stock Track | Joby Aviation Soars 5.12% as It Enters Final FAA Certification Phase for Electric Air Taxi

Stock Track12-20 23:02

Shares of Joby Aviation, Inc. (JOBY) soared 5.12% in pre-market trading on Friday, as the electric air taxi maker announced it has entered the final phase of certification for its aircraft with the US Federal Aviation Administration (FAA).

Joby revealed that it has successfully conducted its first testing under the Type Inspection Authorization (TIA) program, which involves FAA test pilots evaluating the aircraft's performance and safety aspects ahead of approval for commercial passenger operations. The TIA phase is considered the final part of the certification process.

The company said it plans to start actual TIA flight testing in 2025 using its first fully FAA-conforming aircraft, which is currently under construction at its facility in Marina, California. The recent tests were carried out on an FAA-conforming flight deck simulator.

This milestone marks significant progress for Joby as it aims to get its electric vertical take-off and landing (eVTOL) air taxi certified for services carrying up to 4 passengers at speeds up to 200 mph. Joby is the first eVTOL company to complete three out of five certification stages with the FAA so far.

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