Joby Aviation looks to build 500 eVTOL aircraft a year, create 2,000 jobs at new Ohio facility

Shares of Joby Aviation Inc. (JOBY) bounced 0.5% in premarket trading Monday, after the electric vertical take-off and landing air taxi developer said plant to build a new manufacturing facility in Dayton, Ohio that is capable of producing up to 500 eVTOL aircraft a year. The company plans to invest up to $500 million, and expects up to $325 million in state and local incentives, as construction of the facility is expected to create up to 2,000 jobs. Construction is expected to begin in 2024 and the facility is expected to come online in 2025. Joby's stock, which closed Friday at a three-month low, has dropped 11.6% over the past three months while the S&P 500 has gained 0.9%.

-Tomi Kilgore

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09-18-23 0728ET

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