eVTOL developer Joby Aviation has completed building the first aircraft off its pilot production line in Southern California. The Joby aircraft is expected to become the “first ever eVTOL to be delivered to a customer” next year, but it will need to complete flight testing before then. Luckily, the FAA has already issued certification.
Joby Aviation, Inc. ($JOBY) is a company developing electric vertical takeoff and landing (eVTOL) aircraft with the goal of operating a fast, quiet, emissions-free passenger transportation service to cities around the globe – like the bay area near its pilot production line in Marina, California.
As part of that investment, Toyota acquired a minority stake in Joby, in which it said it would share its expertise in manufacturing, quality, and cost controls to support eVTOL development and production.
This past April, Toyota and Joby extended their relationship further with a new supply agreement to enable the scaling of genuine eVTOL production. That funding and production insight has paid off so far, as Joby has its pilot line humming and has just rolled its first eVTOL production prototype off of it.
Joby’s eVTOL production prototype / Credit: Joby Aviation
Joby eVTOL prototype cleared for (vertical) takeoff
Joby’s production eVTOL prototype represents the company’s steady progress in delivering its first commercial aircraft to a customer before reaching coveted scaled production. The precursor to today’s latest prototype was Joby’s pre-production eVTOL, which has flown over 30,000 miles since it was built in 2019.
California Governor Gavin Newsom visited Joby’s facilities on Sunday for an up close look before the company hosts a ceremony to celebrate the launch of pilot production today. It will be attended by the Toyota Motor North America president and CEO, Tetsuo “Ted” Ogawa, and over 1,000 other guests. Ogawa is also scheduled to join Joby’s board of directors on July 1, 2023. Joby founder and CEO JoeBen Bevirt spoke to the company’s progress:
Today’s achievement is the culmination of years of investment in our processes and technology and it marks a major step on our journey to scaled production. We’re proud to have launched production in our home state of California. I’m incredibly grateful to the Joby team for their commitment to ensuring Joby remains the clear leader in this new sector and to Toyota for sharing their knowledge and experience with us over many years. Their support has been indispensable in helping us reach this point.
Joby states the production prototype eVTOL has been designed and manufactured in accordance with the quality and management requirements from the Federal Aviation Administration in order to begin commercial operations. That day hasn’t come just yet, but the FAA has certified Joby’s newest eVTOL to begin test flights.
The company says testing will continue through 2023 before the prototype is delivered to Edwards Air Force Base in California for additional demonstrations and use case testing as part of the contract with the Air Force worth as much as $131 million.
Following its first customer delivery, Joby looks to achieve commercial flight certification, which will enable scaled eVTOL production in California. Commercial passenger operations are expected to begin in 2025 with companies like Joby’s latest partner, Delta Airlines.
The company promised to share the “expected performance” of its eVTOL aircraft during the ceremony today, so we will be sure to update this piece with some specs if we get them. We also hope Joby will eventually put out some test flight footage once the production prototype takes to the air.
Until then, here’s an up close look at the eVTOL recently captured by Joby.
Credit: Joby Aviation
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes “70 MPH e-bikes” prompting new law changes, recalled Amazon/Walmart e-bikes, Vietnam banning gasoline-powered motorcycles, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
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Exxon Mobil reported second-quarter earnings on Friday that declined significantly compared to last year, though the company beat Wall Street estimates as production growth in the Permian Basin and Guyana softened the impact of lower oil prices.
Exxon’s net income fell 23% to $7.1 billion, or $1.64 per share, compared to $9.2 billion, or $2.14 per share, in the same period last year.
Here is what Exxon reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.64 vs. $1.54 expected
Revenue: $81.5 billion vs. $80.77 billion expected
The oil major pumped 4.6 million barrels per day, the highest output for the second quarter since Exxon and Mobil merged more than 25 years ago. Production in the Permian hit a record 1.6 million bpd.
Exxon’s production business posted a profit of $5.4 billion, down 23% from about $7.1 billion in the same period last year on lower oil prices. Its refining business booked earnings of $1.37 billion globally, up 44% compared to $946 million in the year-ago period due to higher refining margins.
Exxon paid out $9.2 billion to shareholders, including more than $4 billion in dividends and $5 billion in share repurchases. The oil major said it’s on pace to purchase $20 billion of shares this year.
Exxon has slashed its costs by $1.4 billion so far this year and $13.5 billion since 2019. It is aiming to cut another $4.5 billion through the end of 2030.
This is a breaking news story. Please check back for updates.
Chevron on Friday reported second-quarter earnings that took a substantial hit due to low oil prices and a loss on its acquisition of Hess Corporation.
The oil major’s net income declined about 44% to $2.49 billion, or $1.45 per share, from $4.43 billion, or $2.43 per share, in the same period last year.
Chevron booked a $215 million loss on the fair value measurement of Hess shares. When adjusted for that charge and other one-time items, Chevron earned $1.77 per share to beat Wall Street estimates.
Here is what Chevron reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.77 adjusted vs. $1.70 expected
Revenue: $44.82 billion vs. $43.82 billion expected
Chevron completed its acquisition of Hess on July 18, after prevailing against Exxon Mobil in a long-running dispute that threatened to blow up the $53 billion deal. An arbitration court rejected Exxon’s claim to a right of first refusal over lucrative Hess assets in Guyana, clearing the way for Chevron to complete the transaction after a long delay.
Chevron expects the deal to begin adding to earnings in the fourth quarter. It also hopes to reduce annual run-rate costs by $1 billion by the end of 2025.
Chevron pumped a record 3.4 million barrels per day worldwide for the quarter, a 3% increase over the same period last year. U.S. production jumped about 8% to 1.69 million bpd compared to the year-ago period, with production in the Permian Basin hitting 1 million bpd. The Hess acquisition will add assets in the Bakken formation and Gulf of Mexico in addition to Guyana.
Chevron’s production business posted a profit of $2.72 billion, down 38% from $4.47 billion in the same period last year due to lower oil prices. Its refining business booked earnings of $737 million, up 23% from $597 million last year on higher margins for product sales.
Chevron paid out $5.5 billion to shareholders in the quarter, including $2.6 billion in share buybacks and $2.9 billion in dividends.