Friday, May 17, 2024
HomeTechJoby Aviation Takes Off: Flying-Taxi Firm's Stocks Soar Following Flight Test Permit

Joby Aviation Takes Off: Flying-Taxi Firm’s Stocks Soar Following Flight Test Permit

What an incredible day it’s been for Joby Aviation! The company, which is making strides in the flying-taxi sector, saw its stocks skyrocket by a whopping 44%. The surge took the shares to their loftiest levels since November 2021, hitting a high note on the back of exciting news that Joby has been greenlit for flight testing. The shares were trading at a comfortable $9.09 as of 3:45 p.m. ET on Wednesday.

So, what sparked this surge? Joby Aviation, based out of Marina, California, has just been granted a Special Airworthiness Certificate for its inaugural aircraft built on the production line, as per the firm’s press release on Wednesday.

If you’re not familiar with Joby, it’s worth getting acquainted. This innovative company is breaking new ground by developing and manufacturing electric vertical-take-off-and-landing (eVTOL) vehicles. Joby envisions a future where these unique vehicles could open up a whole new world of urban travel possibilities.

One of their ambitious projects in the pipeline involves a partnership with Delta Air Lines. The goal? To launch an eVTOL taxi service that can zoom passengers from Manhattan to JFK in less than 10 minutes – a feat that would typically take well over an hour by car.

Joby isn’t stopping there, either. The company has also partnered with Toyota Motors, bringing their collective minds together to produce the eVTOL aircraft – think of it as a giant drone with space for a pilot and four passengers. As a result of this alliance, Toyota’s president and CEO of Toyota Motor North America, Tetsuo Ogawa, is set to join Joby’s board of directors.

However, Joby is still in its fledgling stages. The company has its eyes set on starting passenger operations in 2025, assuming all its test flights go according to plan – a timeline that’s been slightly pushed back from the initially projected 2024 start.

In the meantime, Joby is making good use of its eVTOL aircraft by partnering with the Edwards Air Force Base. A lucrative contract with the US Air Force, worth up to $131 million, sees Joby tasked with demonstrating a range of potential logistics use cases for its innovative aircraft.

Today’s surge in Joby Aviation’s stock price is not just good news for the company, but it’s a promising sign for investors who have their eyes on the future of urban transportation. So, keep your eyes on the skies – and the stock markets – for the next big leap from Joby!

LATEST

EXPLORE