Joby Aviation to Build New Air Taxi Manufacturing Facility

Air taxi company Joby Aviation (JOBY) said Monday it's building a new manufacturing facility in Dayton, OH, that will be capable of delivering up to 500 aircrafts per year and generate about 2,000 jobs.

The new facility will be built at Dayton International Airport and cover 140 acres. Construction is expected to begin next year and be completed by 2025.

Joby's decision to build in Dayton is significant for historical reasons. The city is the birthplace of aviation, home to inventors Orville and Wilbur Wright who created and flew the world's first aircraft. The Wright brothers developed and perfected their invention through years of work at their shop in Dayton.

Ohio Governor Mike DeWine hailed Joby's decision as the start of a "new era in aviation manufacturing and aerial mobility in Dayton," and said the company's air taxis "will redefine urban transportation and contribute to a fundamental change in the way people and goods travel."

Joby Aviation is a California-based aviation company that manufactures electrical vertical takeoff and landing (eVTOL) aircraft to use as an air taxi service. The company's aircraft are designed to transport four passengers and a pilot at speeds of up to 200 miles per hour in a range of up to 100 miles. Starting in 2025, Joby plans to operate the aircraft as part of aerial ridesharing networks in cities worldwide, building on its existing partnerships with Delta Air Lines (DAL) and Uber (UBER).

Joby shares were trading 5% higher at 3:00 p.m. ET Monday, and have more than doubled so far this year. However, they're worth about a third less than their IPO closing price of roughly $11 a share in August 2021.