Joby Aviation

California-based Joby Aviation is focused on developing and commercializing eVTOL aircraft, designed to provide a safe, quiet, and environmentally friendly transportation option for urban areas. The company claims its eVTOL aircraft are designed to be 100x quieter and use 5x less energy than traditional helicopters and are capable of flying at speeds of up to 200 miles per hour and can travel up to 150 miles on a single charge. The company has also developed a charging infrastructure that enables its aircraft to be charged in less than an hour. Joby Aviation had plans to manufacture, own, and operate its own air taxi service beginning in 2024 with the Department of Defense followed by commercial passenger operations in 2025. As of May 2023, the company was developing a manufacturing facility in Marina, CA with offices and workshops in Santa Cruz, San Carlos, Washington, D.C., and Munich, Germany. In March 2024, the company acquired a manufacturing facility in Dayton, Ohio to begin the production of aircraft parts later in 2024. 

Joby Aviation has achieved significant milestones in developing its eVTOL aircraft, with more than 1,000 test flights, and in June 2023 , Joby received FAA permit to flight test electric air taxis. In December 2020 , Joby Aviation announced its plans to acquire Uber Elevate, with both parent companies agreeing to integrate their services into each other's apps, allowing seamless integration between ground and air travel for future customers.

Key customers and partnerships

Joby Aviation has secured many partnerships, the most high profile being with NASA, beginning in 2012, when the company was selected to collaborate with NASA on several groundbreaking electric flight projects, including the X-57 and LEAPTech. The company also works closely with Toyota (Joby Aviation’s largest outside investor as of April 2023) on a regular basis, collaborating on a range of projects, including factory planning and layout, developing manufacturing processes, and designing products that are easy to manufacture. In addition, the company has established strong collaborations and relationships with Delta, Uber, and the US Government to help to de-risk its commercial strategy.

Funding and financials

Joby Aviation recorded an adjusted EBITDA loss of USD 299 million in 2022, primarily reflecting employee costs associated with the development, certification, and manufacturing of the aircraft. The company's R&D costs of USD 296 million reflected continued certification activities and early manufacturing operations.

In August 2021, Joby Aviation was listed on the NYSE (JOBY) through a SPAC deal, with its post-transaction valuation standing at USD 4.5 billion. In October 2022, Delta made an initial post-IPO equity investment of USD 60 million in Joby and committed to investing up to an additional USD 140 million as certain milestones are met. This investment ensures that Delta has an exclusive partnership with Joby for five years in both the US and UK and Joby's eVTOLs will be integrated into the Delta network as part of this partnership. In June 2023 , Joby received USD 100 million investment from SK Telecom