Joby Aviation acquires facility at Dayton International Airport

Written by

Written on Mar 5, 2024

Reading time 2 minutes

New facility will enable Joby to begin manufacturing in Dayton, Ohio.
$JOBY is committed to investing up to $500 million in Dayton.
Joby Aviation shares are down 15% versus their year-to-date high.

Joby Aviation Inc (NYSE: JOBY) has secured a facility at the Dayton International Airport. Its shares are trading slightly up at writing.

Joby president’s remarks on acquiring new facility

The acquisition will enable the eVTOL company to start manufacturing in Dayton, Ohio. Didier Papadopoulos – the president of Joby Aviation said in a press release today:

Later this year, we expect to begin subtractive manufacturing of titanium and aluminum aircraft parts as we continue to grow our workforce in Dayton.

The news arrives less than a month after $JOBY announced to have key FAA approvals (find out more). Its revenue came in shy of Street estimates in the latest reported quarter.

Joby Aviation shares are currently down about 15% versus their year-to-date high in February.

$JOBY is committed to investing $500 million in Dayton

Joby Aviation is committed to expanding its manufacturing operations in Ohio.

Eventually, the New York listed firm wants to set up a larger factory in Dayton – capable of producing as many as 500 electric vertical take-off and landing aircrafts per year.

Coming to the skies of Abu Dhabi and Dubai in 2026.

Here's what an electric air taxi trip with Archer could look like in the UAE. Imagine jumping in Midnight and flying from the Corniche in Abu Dhabi over to the Palm in Dubai in mere minutes instead of the hour plus it typically… pic.twitter.com/ekC1q7pIuI
— Nikhil Goel (@ngoel) October 17, 2023

$JOBY had first committed to investing $500 million in Dayton in September of 2023. At the time, the air taxi company said it will create 2,000 jobs as it moves to scale manufacturing in that city. President Papadopoulos also said today:

We look forward to continued collaboration and to growing our presence in the Miami Valley region as we build the future of flight in the birthplace of aviation.