2023-07-06 08:36:41 ET
Joby Aviation ( NYSE: JOBY ) announced on Thursday that it has submitted all of its certification plans to the Federal Aviation Administration in a step the company said marks further progress toward completing the third of five stages required to certify its aircraft for commercial use.
In the third stage of the FAA type certification process, Joby Aviation ( JOBY ) specifies the tests, analyses, and design reports the company intends to perform to demonstrate compliance with each safety regulation that applies to the aircraft.
The eVTOL company's stage three submittals include about a dozen Area-Specific Certification Plans, which cover both hardware and software aspects of every system onboard the company’s five-seat eVTOL aircraft, including its flight controls, energy storage and distribution system, and propulsion system.
Joby Aviation ( JOBY ) broke through in February by becoming the first eVTOL company to complete the second stage of the certification process.
Last week, Canaccord Genuity maintained its Buy rating on JOBY and boosted its price target to $11. The firm said it is apparent that heightened attention has returned from investors to the eVTOL industry as equity markets have had a melt-up, particularly in the tech sector. Joby ( JOBY ) was called the best capitalized of the various public and private urban air mobility companies, and was noted to hold important strategic relationships with the Pentagon, Uber ( UBER ), and Delta Air Lines ( DAL ).
Shares of Joby Aviation ( JOBY ) rose 2.90% in premarket trading on Thursday to add to the +80% six-week rally.
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Joby Aviation extends rally as FAA certification process advances