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.

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 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.