- Joby Aviation (NYSE:JOBY) stock is jumping on FAA approval.
- This includes a Part 135 Air Carrier Certificate.
- That brings the company one step closer to offering its air taxi services to customers.
Joby Aviation (NYSE:JOBY) stock is flying higher on Thursday after getting an update from the Federal Aviation Administration (FFA).
As a quick primer, Joby Aviation is developing an all-electric air taxi to fly people around in cities. The company was granted its Part 135 Air Carrier Certificate from the FAA’s San Jose Flight Standards District Office.
So what does that mean for the air travel company? It will allow it to start up its on-demand air taxi service. Now it will just need a Type Certificate from the FAA to fully start-up operations.
Joby Aviation notes that the approval granted by the Part 135 Air Carrier Certificate comes sooner than it expected. That’s a positive for the company as it shows its well on its way to operating its air taxi service.
Even so, it will still be a couple of years before customers can start hailing air taxis from the company. Joby Aviation points out that it plans to launch its aerial ridesharing service sometime in 2024.
News of the FAA approval for Joby Aviation brings heavy trading to the company’s stock today. This has more than 10 million shares of its stock on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 6.5 million shares.
JOBY stock is up 4.1% as of Thursday afternoon. However, the shares are still down 26.8% since the start of the year.
Investors seeking out more of the latest stock market news are in the right place!
InvestorPlace offers up all the hottest stock news traders need to know about for Thursday! That includes what has Palantir (NYSE:PLTR) stock rising, a warning about Tesla (NASDAQ:TSLA) stock, as well as an update for Gores Guggenheim (NASDAQ:GGPI) investors. You can read all of this news 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.