Joby Aviation JOBY, a company focused on developing electric vertical take-off and landing (eVTOL) aircraft for commercial passenger service, has announced plans to build a new manufacturing facility in Dayton, OH. The chosen site spans 140 acres.
The new facility will have the capability to produce 500 aircraft per year and is expected to create around 2,000 jobs. Construction is scheduled to start next year, with completion anticipated in 2025. Joby intends to invest up to $500 million in the facility as it expands its operations.
The selection of Dayton as the location for the facility is significant, as it is considered the birthplace of aviation, with Dayton being the home of the Wright Brothers, who invented and flew the first powered aircraft.
Joby’s production aircraft can accommodate a pilot and four passengers, reaching speeds of up to 200 mph and covering a range of 100 miles. The company plans to operate these aircraft as part of aerial ridesharing networks in cities and communities globally starting in 2025, further establishing partnerships with companies like Delta Air Lines DAL.
JOBY shares have performed exceptionally well in the stock market this year, gaining 103.9% year to date, significantly outperforming the industry’s 5.1% increase.
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Zacks Rank & Key Picks
Joby Aviation currently holds a Zacks Rank #3 (Hold). For investors interested in the Transportation sector, some stocks to consider include Covenant Logistics CVLG and Air Canada ACDVF, both of which hold a Zacks Rank #2 (Buy). For a complete list of today’s Zacks #1 (Strong Buy) Rank stocks, click here.
CVLG offers a range of transportation and logistics services, including expedited truckload capacity, warehousing, transportation management, and freight brokerage. The company has demonstrated effective cost-control measures, with the Zacks Consensus Estimate for 2023 earnings being revised 7.44% upward in the past 60 days.
Air Canada has experienced an increase in passenger traffic and recently announced plans to launch a year-round route between Montreal and Madrid, starting in May of the following year, to meet rising demand. The Zacks Consensus Estimate for current-year earnings has increased by 57.1% in the past 60 days. ACDVF has exceeded the Zacks Consensus Estimate in two of the past four quarters.
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