Joby Aviation (NYSE:JOBY) stock is soaring higher on Tuesday following news of a deal for a flying taxi service.
ANA Holdings, the largest airline in Japan, is teaming up with Joby Aviation to bring the company’s flying taxi service to the country. This will have the two companies working together on all aspects of bringing the service to Japan. That covers ‘infrastructure, pilot training, flight operations, air traffic management, public acceptance, and the regulatory requirements.”
ANA Holdings and Joby Aviation are also partnering with Toyota Motor (NYSE:TM) as part of the agreement. This will have TM potentially providing ground transportation as part of the service.
Joby Aviation’s unique ride-sharing service could have a prominent place in Japan. The country’s dense cities would likely benefit from the five-seat aircraft made by JOBY. It can take off vertically, reach speeds of 200 mph, as well as go a distance of 150 miles on a single charge of its battery.
As an example of what the eVTOL can do, Joby Aviation points out that it could make the trip from Osaka station to Kansai International Airport in just 15 minutes. For comparison, that same trip takes about one hour in a car.
JoeBen Bevirt, founder and CEO of Joby Aviation, said this in the press release boosting the company’s stock today.
“Joby exists to help people save time while reducing their carbon footprint. Japan offers us a spectacular opportunity to do just that with 92%1 of the population living in urban areas and Tokyo registering as one of the top 20 most congested cities in the world.”
JOBY stock is up 26% as of Tuesday afternoon.
Investors seeking more stock market news for today will want to stick around!
InvestorPlace is home to all the hottest stock market coverage that traders need for Tuesday! A few examples are what has Cinedigm (NASDAQ:CIDM) stock rising, what hit oil stocks today, as well as details on a deal to take Moneygram International (NASDAQ:MGI) private. You can find out all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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