Joby Aviation Inc. (JOBY) announced Wednesday it's doubling its manufacturing capacity in the United States, positioning itself to produce four aircraft per month within the next two years. If you're wondering why anyone needs a factory cranking out flying taxis, well, that's exactly the bet Joby is making.

The timing isn't random. Regulators and industry players are ramping up efforts to integrate electric vertical takeoff and landing aircraft into everyday transportation, hoping to solve the ancient problem of urban congestion by simply flying over it.

The Government Wants Flying Taxis Yesterday

The electric air taxi company recently revealed potential aircraft and service sales topping $1 billion. Meanwhile, the U.S. government launched its eVTOL Integration Pilot Program back in September, designed to fast-track air taxi operations into reality.

Here's where it gets interesting: A Presidential Executive Order has told the Department of Transportation and the Federal Aviation Administration to get mature eVTOL aircraft operating in select markets as early as next year, even before they receive full FAA certification. That's how serious Washington is about making this happen.

And Joby isn't alone in the race. Boeing's (BA) air taxi unit, Wisk Aero, completed test flights this week for its sixth-generation eVTOL. The competition is heating up.

JoeBen Bevirt, founder and CEO of Joby Aviation, isn't hiding his enthusiasm: "We are entering the next golden age of aviation."

Joby's Global Expansion Strategy

Joby Aviation has been moving aggressively to establish itself in the electric air taxi space. The company signed a Memorandum of Understanding with Red Sea Global and The Helicopter Company to conduct pre-commercial evaluation flights in Saudi Arabia, essentially creating a testing ground for future air taxi operations.

That deal came after a third-quarter earnings report that turned heads. Joby posted revenue of $22.57 million, sailing past analyst estimates in what proved to be a polarizing report.

Back in October, Joby announced a partnership with Nvidia Corp (NVDA) to develop its Superpilot autonomous flight technology for both military and civil applications. The arrangement makes Joby the exclusive aviation launch partner for Nvidia's IGX Thor platform, which tells you something about how seriously the tech giant takes this market.

According to market data, Joby Aviation ranks in the 89th percentile for momentum, showing a stronger price trend over the long term but weaker trends over medium and short timeframes.

Price Action: Year-to-date, Joby Aviation stock has climbed 63.16%. On Thursday, shares dropped 6.18% to close at $13.20.