Joby Aviation Stock Plunges 5.88% as 680M Trading Volume Ranks 176th in U.S. Markets Amid FAA Certification Push and Earnings Jitters

Market Snapshot

Joby Aviation (JOBY) closed on November 3, 2025, , marking a significant drop in its stock price. , placing it at the 176th highest rank among U.S. equities. , the recent decline suggests heightened investor caution ahead of its upcoming earnings report on November 5. The drop follows a series of manufacturing and operational milestones, including the commencement of propeller blade production in Dayton, Ohio, which has historically been a key driver of market optimism for the firm.

Key Drivers

The recent production milestone at Joby Aviation’s Dayton, Ohio facility represents a critical step in its path to commercialization. The company has begun manufacturing propeller blades that meet (FAA) certification requirements, a necessary precursor to flight testing. Each aircraft requires 30 blades, , . This expansion underscores Joby’s commitment to scaling in-house production for a core component of its electric air taxi, which is central to its low-noise design and operational efficiency. The facility’s strategic location—chosen for its aerospace heritage, skilled workforce, and proximity to suppliers—further reinforces the company’s ability to meet ambitious production timelines.

The Ohio facility builds on manufacturing processes refined in California with Toyota, a key partnership that has provided technical expertise and financial backing. By leveraging Dayton’s manufacturing ecosystem, Joby aims to streamline production and reduce supply chain risks. The facility’s ability to source nearly all required components within a 30-minute radius of the site highlights the company’s focus on operational efficiency. This move aligns with broader industry trends toward localized, high-precision manufacturing, particularly in the advanced air mobility sector, where regulatory hurdles and technical complexity demand rigorous quality control.

Financially, Joby remains in a strong position despite its projected unprofitability for 2025. , indicating ample liquidity to fund its manufacturing expansion. With more cash than debt, Joby has the financial flexibility to sustain its R&D and production efforts without immediate reliance on external financing. However, , which may weigh on investor sentiment in the short term. The recent stock decline could also reflect broader market skepticism toward pre-revenue, capital-intensive ventures in the eVTOL sector.

The timing of the manufacturing milestone coincides with key regulatory and operational milestones. Conforming blades—those meeting FAA certification standards—are expected to be installed on flight test aircraft in 2026, a critical step toward type certification. Joby’s ability to integrate these components into its pilot production line in California will determine the pace of its commercial readiness. Additionally, the company’s planned event in Dayton on November 10, which will showcase its production capabilities to stakeholders, may serve as a catalyst for renewed investor confidence. The event’s success in communicating progress could mitigate short-term volatility, particularly if it aligns with forward-looking guidance on regulatory timelines.

Looking ahead, Joby’s strategic partnerships and market positioning will play a pivotal role in its trajectory. The company’s collaboration with Delta Air Lines to offer air taxi services in major cities like New York and Los Angeles positions it at the forefront of urban air mobility adoption. Furthermore, . While the commercial launch is still projected for mid-2027, the recent manufacturing progress and regulatory preparations suggest the company is on track to meet its long-term goals. However, the sector’s high capital intensity and regulatory uncertainties mean that continued execution and partnerships will be essential to maintaining market momentum.