JOBY Receives $9.8M Grant to Support California Expansion

Zacks Equity Research
·2-min read

Joby Aviation, Inc. JOBY announced that it has secured a remarkable $9.8 million California Competes grant by Governor’s Office of Business and Economic Development.

With this financial boost, Joby plans to significantly expand its facilities in Marina, CA, to accommodate higher manufacturing volumes, and provide initial training for pilots and aircraft maintainers. The carrier also aims to continue hiring employees at its other offices in San Carlos and Santa Cruz, CA. As part of the agreement, Joby has committed to invest $41.3 million and create 690 additional full-time jobs in the state by 2027.

The grant is a strategic move for Joby, allowing the acceleration of early manufacturing in California. It is currently working toward obtaining type certification from Federal Aviation Administration. The company is also preparing for its anticipated commercial operations, which are scheduled to commence in 2025.

The Founder and CEO of Joby, JoeBen Bevirt, stated, “We’re honored to receive a prestigious CalCompetes grant from our home state of California to support pilot training and the growth of our manufacturing facilities in advance of early operations”.

This grant will play a vital role in supporting Joby Aviation’s expansion across the state.

Zacks Rank

JOBY currently carries Zacks Rank #3 (Hold).

Key Picks

Some better-ranked stocks for investors interested in the Zacks Transportation sector are Air Canada ACDVF and SkyWest SKYW.

Air Canada currently sports a Zacks Rank #1 (Strong Buy). An uptick in passenger traffic is aiding ACDVF. Recently, management announced plans to launch a new year-round route between Montreal and Madrid. You can see the complete list of today’s Zacks #1 Rank stocks here.

The service will commence in May of the following year as part of its expanded international summer 2024 flying schedule to cater to increased demand. The Zacks Consensus Estimate for current-year earnings has jumped 32.6% in the past 60 days.

SkyWest currently carries a Zacks Rank #2 (Buy). SKYW's fleet modernization efforts are commendable. Initiatives to reward its shareholders also bode well. The Zacks Consensus Estimate for current-quarter earnings has surged 83.3% in the past 60 days.

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SkyWest, Inc. (SKYW) : Free Stock Analysis Report

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