This $10 Stock Could Be Your Ticket to Millionaire Status
Key Points
Joby Aviation is developing an air taxi that could change how travelers navigate cities.
It is working to secure an FAA certification to operate commercial flights.
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Start-ups with low stock prices can be attractive for their potential to deliver explosive gains down the road. If we substitute "road" for "sky," Joby Aviation (NYSE: JOBY) could be one of those long-term winners.
Joby is a frontrunner in the nascent electric vertical takeoff and landing (eVTOL) space, which is growing rapidly. By 2030, the eVTOL market is expected to reach $28.6 billion, representing a 54.9% compound annual growth rate (CAGR).
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Joby's aircraft is essentially a flying taxi. If you can imagine a big drone-like aircraft that you and a few friends can sit in, then you have a decent picture of what it's trying to build. These aircraft lift off and land vertically, making them perfect city hoppers, and they can fly over traffic, getting you to your destination in a fraction of the time.
It sounds like science fiction, but Joby has actually flown these things. And while it doesn't have a certification to fly passengers commercially, it is moving through the process.
Image source: Joby Aviation.
In addition to getting the Federal Aviation Administration's stamp of approval, Joby also needs to build a fleet of aircraft. In January, it acquired a large facility in Dayton, Ohio, which will help it manufacture four aircraft per month in 2027. This facility is in addition to other factories that it has in California and Ohio.
Since it's not flying paying customers yet, its revenue is nothing to write home about. Revenue is, however, expected to start accelerating within the next two years.
Data by YCharts
Joby stock comes with risks -- with flight safety topping the list -- and it will likely be volatile in the near term. Investors, however, who are looking for a stock with explosive potential will want to watch this $10 eVTOL stock closely.
Should you buy stock in Joby Aviation right now?
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Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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