eVTOL company Joby Aviation secures another key FAA approval

Joby Aviation Inc (NYSE: JOBY) is in focus today after the eVTOL company announced to have received another key FAA approval.

Details of the new FAA approval

The Federal Aviation Administration has assent to the certification plan for its propulsion system.

Joby dubbed the approval a “critical step towards receiving type certification” for its aircraft in its press release on Friday. The news arrives only hours after the New York listed firm secured Part 145 Maintenance Certificate from the FAA as well.

The electric vertical take-off and landing aircraft firm is scheduled to report its financial results for the fourth quarter on February 21^st. Consensus is for it to lose 17 cents a share versus 14 cents per share a year ago.

$JOBY is down about 45% versus its 52-week high at writing.  

President Papadopoulos’ remarks

Simply put, the FAA approval this morning brings Joby Aviation a step closer to commercialising its electric air taxis. Didier Papadopoulos – its president of aircraft said in a press release today:

Note that a recent report values eVTOL industry at $1.2 billion at the end of 2023 and expects it grow at a compound annualised rate of 52% to hit $23 billion by the end of this decade.

Wall Street currently has a consensus “hold” rating on the company based out California, United States.