Joby Aviation Inc ( JOBY ) shares are gaining on Wednesday after the company revealed it started power-on testing of the first of multiple FAA-conforming aircraft to be constructed for Type Inspection Authorization (TIA).

What Happened: Joby Aviation ( JOBY ), a company developing electric air taxis for commercial passenger service, announced it has started power-on testing of the first of multiple FAA-conforming aircraft designated for Type Inspection Authorization. This milestone enables Joby to begin conducting thousands of hardware and software integration tests in preparation for “for credit” flight testing with FAA test pilots operating the aircraft.

TIA testing is part of the final stage of the FAA Type Certification process and represents a critical milestone on Joby’s path to commercialization.

“Beginning this aircraft subsystem testing is the culmination of more than a decade of focused engineering and certification refinements,” said Didier Papadopoulos, president of aircraft OEM at Joby. “This is the moment where our intended type design, our manufacturing process, and our certification strategy converge into one physical asset. It validates that we can design a safe aircraft and produce it reliably. This first testing step is one of the most important milestones in Joby’s history to date and puts us closer than ever to achieving FAA certification.”

Joby’s first TIA-ready aircraft has been manufactured using the company’s established quality management system and adheres to the intended type design for TIA testing.

Power-on testing is the first step in preparing Joby’s TIA aircraft for “for credit” flight testing. Flight testing by Joby pilots is expected to start later this year, with FAA pilots taking the controls in 2026. During TIA testing, Joby will work alongside the FAA to ensure the aircraft meets all safety and performance requirements.

JOBY Analyst Ratings

The overall trend for Joby Aviation ( JOBY ) has seen mixed analyst actions in recent months. JP Morgan maintained an Underweight rating on the company, increasing the target price from $5 to $8 between August and October. Meanwhile, Morgan Stanley kept an Equal-Weight rating, but raised the target from $7 to $15 in October.

Additionally, Canaccord Genuity downgraded Joby Aviation ( JOBY ) from Buy to Hold in August, despite increasing the target price from $12 to $17. Furthermore, Cantor Fitzgerald reiterated a Neutral position on the company in June, setting a target price of $9. These moves show that investors have a wide range of expectations for how the company will perform.

JOBY Price Action: Joby shares are up 3.42% at $15.27 at the time of publication on Wednesday, according to Benzinga Pro. They're trading 27.7% below their 52-week high.

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