FAA Certification Progress
Q: Any surprises expected in Stage 4 and 5 certification?
A: Management is confident in progressing through Stages 4 and 5 of FAA certification without surprises. They have been in lockstep with the FAA for years and do not foresee any design changes due to upcoming G-1 changes. They believe their software and fly-by-wire systems are well-positioned, with extensive experience in software verification and acceptance from the FAA. ,

Dubai Air Taxi Exclusivity
Q: Explain the UAE air taxi launch and exclusivity agreement?
A: Joby signed a definitive agreement with Dubai's Roads and Transport Authority to launch air taxi services, including a six-year exclusivity period to operate in the Emirate. This exclusivity prevents competitors from entering the market during this time and underscores the alignment of regulatory support, infrastructure development, and aircraft readiness. ,

Manufacturing Capacity Plans
Q: What is the manufacturing capacity after current spending?
A: By the end of the year, Joby's low-volume manufacturing plant in Marina will reach a production rate of one aircraft per month. Expansion plans expected to be online around 2025 will allow ramping up to 25 aircraft per year. Future scaling in Ohio will be methodical, starting small and gradually increasing to eventually reach 500 aircraft over time. ,

Timeline to Commercial Operations
Q: When will commercial operations begin in 2025?
A: Management is not specifying an exact timeline within 2025 for launching commercial operations. The timing relies heavily on regulatory approvals, particularly leveraging the work with the FAA and collaboration with authorities like the GCAA in Dubai.

Use of Cash and OpEx vs. CapEx
Q: Can you provide granularity on CapEx versus OpEx spending?
A: CapEx is expected to roughly double from $30 million last year, driven by building out facilities in California and Ohio. The bulk of operational expenditure growth will be in manufacturing and certification personnel, with some increase in early operations, including preparations for starting services in Dubai.

Aircraft Weight Increase
Q: What drove the increase in aircraft weight from 4,200 to 5,300 pounds?
A: The 4,200-pound aircraft was an earlier design from 2019. The current 5,300-pound aircraft is the model undergoing certification. Management is pleased with its performance, including 100-mile range, 200 mph top speed, and an exceptional acoustic signature, all critical for customer operations in target markets.

International Partnerships Strategy
Q: Will there be more exclusive international partnerships?
A: Joby is seeing significant international interest but plans to be thoughtful and measured in adding new markets. They may select a few more international markets but will focus on execution in committed regions, including Japan, Korea, the UAE, and partnerships within the U.S. , ,

Certification Testing Progress
Q: How many certification tests have been completed and what's the plan?
A: Last year, Joby completed 30 FAA for-credit component tests, serving as pathfinders. This year, they plan to accelerate and expand to hundreds of additional tests now that conformity procedures with the FAA are established. ,

Battery Manufacturing with Toyota
Q: How is scalability and manufacturability of pouch cells?
A: Management feels very good about the safety, cycle life, and performance of their battery modules developed in partnership with Toyota. They have conducted extensive testing over many years and are confident as they ramp up production.

Infrastructure Partnerships and Launch Plan
Q: How do infrastructure partnerships fit into the launch plan?
A: Infrastructure is a critical part of Joby's business. They are leveraging partnerships with Delta to build best-in-class infrastructure at key airports like LaGuardia, JFK, and LAX. These collaborations aim to deliver seamless customer experiences and will become increasingly significant as operations roll out. ,