Joby Aviation (JOBY) Delivers First eVTOL to US Air Force

Zacks Equity Research
·3-min read

Joby Aviation JOBY recently announced that the first electric air taxi has been delivered to Edwards Air Force base. It will soon be operated by US military pilots as a demonstrator electric vertical take-off and landing (eVTOL) aircraft for logistics missions on base. This delivery took place approximately six months ahead of the expected 2024 delivery date and is a part of JOBY’s contract with the U.S. Air Force.

The second aircraft is planned to be delivered to Edwards in early 2024. JOBY has been associated with the Department of Defense since 2016.

With a range of up to 100 miles plus energy reserves and a top speed of 200 mph, this Joby aircraft is capable of transporting a pilot and four passengers quickly and quietly with zero operating emissions.

Joby’s aircraft is the first electric air taxi to be stationed on a U.S. military base. It is believed to be the first delivery of an electric air taxi in the United States, as part of Joby’s $131 million AFWERX Agility Prime contract with the U.S. Air Force. This Agility Prime contract includes provisioning of up to nine aircraft to the U.S. Air Force and other federal agencies, reinforcing the U.S. government’s continued leadership in developing and adopting eVTOL technology, and ushering in a new era of electric aviation.

The U.S. Air Force and Joby will conduct joint flight testing and operations (which include training of Air Force pilots and aircraft maintenance crews) to demonstrate the aircraft’s capabilities in realistic mission settings.

Expressing delight at the development, JoeBen Bevirt, Founder and CEO of Joby stated, “We’re proud to join the ranks of revolutionary aircraft that first demonstrated their capabilities at Edwards Air Force Base, including the first American jet fighter, the first supersonic aircraft, and many others that have pushed the boundaries of aviation technology.”

In collaboration with the U.S. Air Force’s AFWERX program, NASA will also be supporting this testing at Edwards Air Force Base with NASA’s pilots, researchers and equipment as part of their commitment to progressing the Advanced Air Mobility industry as a whole, for the benefit of all.

Zacks Rank

JOBY currently carries Zacks Rank #3 (Hold).

Key Picks

Some better-ranked stocks for investors interested in the Zacks Transportation sector are GATX Corporation GATX and Ryder System R.

GATX, which presently carries a Zacks Rank #2 (Buy), has strengthened its railcar leasing operations. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

For third-quarter and full-year 2023, GATX’s earnings are expected to register 36.6% and 14.3% growth, respectively, on a year-over-year basis.

Ryder, which currently carries a Zacks Rank #2, is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.

Despite weak market conditions, Ryder reported better-than-expected earnings in second-quarter 2023. In fact, the company has an impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the mark once). The average beat is 11.2%.

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