The Toyota-backed electric flying taxi developer Joby has announced the expansion of its site in Marina, California. This will also provide more space for

Shares of Joby Aviation ( JOBY 15.91%) are rising on Wednesday, up 13.2% as of 12:54 p.m. ET. The jump comes as the S&P 500 and Nasdaq Composite were both down modestly. Joby, which develops electric vertical takeoff and landing (eVTOL) aircraft, announced yesterday that it will double production in its Marina, California, manufacturing site.

Joby Aviation (NYSE:JOBY) director Paul Sciarra offloaded 500,000 shares of the company's common stock earlier this week, a regulatory filing showed. The transaction, executed on July 14, totaled approximately $6.

Joby Aviation has doubled the size and production capacity of its pilot manufacturing facility in Marina, California as it races to commercialize electric air taxis by early next year.

Shares of Joby Aviation ( JOBY 9.34%) were flying high Tuesday, soaring as much as 10.3%. As of 3:12 p.m. ET, the stock was still up 9.1%. The catalyst that sent the electric vertical takeoff and landing (eVTOL) aircraft specialist higher was an announcement that the company is expanding its manufacturing capacity.

Joby leads competitors in the final phase of certification, positioning itself for early entry into the rapidly growing eVTOL market projected to reach $170B by 2034. Financials remain typical for a pre-revenue company, but strong cash position, low debt, and projected triple-digit revenue growth support a bullish outlook.

Joby Aviation (NYSE:JOBY), a pioneer in electric vertical takeoff and landing (eVTOL) aircraft, has seen its stock price surge, reflecting growing investor confidence in its commercialization prospects.