Joby Aviation has received authorization from the Federal Aviation Administration (FAA) to test fly the first air taxi completed on its production line – a development expected to facilitate the advanced air mobility (AAM) company’s delivery of the craft to its US Air Force client for experimental use next year.
Joby announced it had obtained the FAA Special Airworthiness Certificate on Wednesday, as it hosted California governor Gavin Newsom in presenting the first air taxi to roll off its pilot production line in Marina, CA. The permit allows Joby to begin flight testing of the completed AAM prototype, which is slated to be delivered to Edwards Air Force base next year.
Read more: Air taxi maker Joby bags two major eVTOL deals as April ends
The development is a major move in Joby’s capabilities to manufacture, provision, and operate its AAM aircraft for the US Air Force. That activity comes under a federal Agility Prime contract the company signed to help military agencies identify and test transport and supply applications for air taxi planes. The total value of that deal is estimated at up to $131 million.
More broadly, its FAA authorization should facilitate the company’s drive to transform years of AAM development into operational air taxi services planned for 2025.
In doing so, Joby will need to add to the over 30,000 miles of test flights it has conducted since 2019, as it simultaneously navigates the FAA craft type certification process and ramps its production capacities toward full-scale launch.
“Today’s achievement is the culmination of years of investment in our processes and technology and it marks a major step on our journey to scaled production,” said Joby CEO JoeBen Bevirt in presenting the first production line vehicle, when he also thanked the company’s main financial backer, Toyota, which has thus far pumped $400 million into the startup.
“I’m incredibly grateful to the Joby team for their commitment to ensuring Joby remains the clear leader in this new sector, and to Toyota for sharing their knowledge and experience with us over many years,” Bervit continued. “Their support has been indispensable in helping us reach this point.”
Update June 29
Less than 24 hours following its FAA authorization announcement, Joby revealed another major development in the form of a $100 million cash influx accompanying South Korea’s SK Telecom taking an equity stake in the firm.
Though that sum pales to Joby’s $7.1 billion market cap, it’s still a big enough chunk of change to make SK one of the largest institutional owners of the startup (and also considerably outsizes even the biggest holder of Joby stock traded publicly).
The new funds, meanwhile, will It provide Joby a dramatically increased cash cushion with with to push ahead with its air taxi FAA certification plans.
SK is no stranger to Joby. Last year the two companies forged a partnership aiming to promote medium-haul AAM air travel within South Korea, as well as inner-city services. That collaboration has since expanded to also include TMAP – the largest mobile transportation hailing largest mobility app in South Korea, which will be used to reserve air taxi travel.
Adding an equity relationship atop the companies’ existing operational partnership is becoming something of a habit with Joby, after it oversaw the same transformation – in reverse sequence – with its biggest investor, Toyota.
Read: AAM company Joby completes second phase of FAA air taxi certification
In addition to its past financial backing, Toyota is now set to extend its partnership in two other ways.
For starters, Toyota will move beyond its advisory assistance in developing Joby’s air taxi production line by supplying powertrain and actuation components for its AAM vehicles. Awaiting that, Toyota’s CEO of North America, Tetsuo Ogawa, will join Joby’s board of directors on July 1.
“We congratulate Joby on reaching this milestone and look forward to working ever more closely as Joby prepares to scale production and start operations,” Ogawa said during the ceremonies presenting the latest air taxi prototype, and celebrating its FAA test flight authorization.
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