Joby Aviation reports strong progress on certification and operations in Q4 2024
US-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, Joby Aviation (Joby), has released its fourth quarter (Q4) and full year 2024 (FY24) shareholder letter, outlining significant operational and financial milestones.
Throughout the year, the company made substantial advancements in aircraft certification and defence partnerships.
2024 highlights
Joby reported record progress in the fourth of five stages required to certify its electric aircraft for commercial passenger use in the US.
The company expects to begin Type Inspection Authorisation (TIA) flight testing within the next 12 months.
Furthermore, on the defence front, it delivered its second aircraft to Edwards Air Force Base as part of its collaboration with the US Department of Defense.
With this addition, Joby now has a fleet of five aircraft undergoing flight testing, including a hydrogen-hybrid variant.
Looking ahead to commercial operations, the company plans to deliver an aircraft to Dubai in mid-2025 for flight testing. It anticipates carrying its first passengers in late 2025 or early 2026.
In addition, Joby reinforced its financial position in Q4, securing more than $1 billion in additional funding and commitments.
The company ended the quarter with $933 million in cash, cash equivalents, and investments in marketable securities.
This figure does not yet include an expected $500 million investment from Toyota, which will be made in two equal tranches of $250 million. Regulatory approvals have been secured for the first tranche.
Moreover, as part of Korea’s K-UAM Grand Challenge, Joby became the first company to conduct an electric air taxi flight in the country.
Executive comments
Commenting on the company’s performance, Joby founder and CEO JoeBen Bevirt said, “The sector-leading progress we made throughout 2024 puts Joby in a great position to capitalise on the opportunities presented by America’s renewed focus on innovation and manufacturing.”
He added, “As well as delivering record progress on certification, we scaled our manufacturing, delivered two aircraft to the Department of Defense and flew 561 miles with a hybrid, hydrogen-electric variant of our aircraft, bringing the flight test fleet to a total of five aircraft.”
Bevrit concluded, “The next 12 months mark a critical inflexion point, not just for Joby, but for our entire industry, as we look ahead to carrying our first passengers, and I’m proud that Joby continues to lead the way towards this new era of flight.”