California-based electric aviation company Joby (NYSE:JOBY) has enjoyed strong gains in the markets today after earning an important certification. JOBY stock is up more than 14% after market close amidst promising news for the high-flying company.
What’s going on with JOBY stock lately?
Well, today Joby announced that it has entered the fourth stage of its Part 135 Air Carrier Certificate from the Federal Aviation Administration (FAA). Joby requires a Part 135 Air Carrier Certificate to operate its electric vertical take-off and landing (eVTOL) aircraft. That is, in addition to the Type Certificate and Production Certificate Joby needs to obtain. The company plans to operate an air taxi service in the U.S. should its eVTOL aircraft gain full approval.
The fourth stage of the Part 135 certificate includes FAA review, observation and approval of the company’s operation of the aircraft. Should Joby pass this stage, the company would only need final approval and to receive the certificate, which makes up the fifth stage of the process.
So, what else do you need to know about Joby lately?
JOBY Stock Soars as Air Taxi Program Gains Validity
All told, this air taxi company continues to advance towards its end goal at a rapid pace. As such, some have looked to the company as a sort of air version of Tesla (NASDAQ:TSLA)
What’s more, Joby just recently partnered with flight training company CAE (NYSE:CAE) to build and certify flight simulators. The company plans to use these simulators to help train future pilots.
Should Joby succeed in its ambitious air taxi plan, it could have meaningful affects on the U.S. transportation ecosystem. The company’s eVTOL aircraft promises a quiet, comfortable and emissions-less ride for cities and communities. Able to move at 200 miles per hour, the vehicle could also become a tempting alternative to long car rides. And of course, with gas prices at their highest levels in months, Joby’s futuristic aircraft has become all the more appealing.
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On the date of publication, Shrey Dua did not hold (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.
