Electric Air Taxi Manufacturer Reported Record Progress for 2024

Joby, an electric air taxi manufacturer, recently revealed its financial results from the fourth quarter and full year 2024. On top of the monetary success, the plane maker also celebrated its second delivery to the United States Air Force.

“The sector-leading progress we made throughout 2024 puts Joby in a great position to capitalize on the opportunities presented by America’s renewed focus on innovation and manufacturing,” expressed JoeBen Bevirt, Joby founder and CEO.

The Joby air taxi is a fully electric vertical takeoff and landing (eVTOL) aircraft powered by six motors that propel it to speeds of up to 200 mph. It can carry four passengers at a time for a range of 100 miles, including reserves.

The manufacturer released its Fourth Quarter and Full Year 2024 Shareholder Letter on February 26. Joby entered the new year with $933 million in cash, equivalents, and investments, excluding the upcoming $500 million investment from Toyota. This is expected to come through in two $250 million transactions.

Aside from the financial gains, Joby made significant progress in the certification and production of its eVTOL. Significant work was put towards completing the fourth of five stages required to certify the plane for domestic commercial operations, and the company expects to achieve Type Inspection Authorization (TIA) flight tests to begin within a year.

Joby also delivered its second aircraft to Edwards Air Force Base under a partnership with the US Department of Defense. The collaboration sparked in December 2020 when Joby became the first eVTOL to earn airworthiness approval from the USAF. The first aircraft, which made its way to Edwards AFB in September 2023, was believed to be the first electric air taxi delivered in the US.

Moving forward, Joby plans to deliver an aircraft to Dubai in mid-2025 and take up its first passengers in late 2025 or early 2026.

“The next 12 months mark a critical inflection point, not just for Joby, but for our entire industry, as we look ahead to carrying our first passengers, and I’m proud that Joby continues to lead the way towards this new era of flight,” continued Bevirt.

FMI: www.jobyaviation.com