Vertical Aerospace (NYSE:EVTL) stock is on the move Monday after the company revealed the first successful liftoff of its electric VX4 prototype.
The VX4 is an electric vertical take-off and landing (eVTOL) aircraft in development by the company. Its first airborne test took place over the weekend, making it the first new British-made aircraft to leave the ground in 20 years.
Investors are obviously excited about this news Monday morning, as it marks a major milestone for the company. They’re also expecting great things from the eVTOL market, which is expected to see major growth in the coming years.
Stephen Fitzpatrick, founder and CEO of Vertical Aerospace, said the following about the test flight:
“This moment represents a small step for Vertical Aerospace, but it’s a giant leap forward for British aviation. For more than 100 years the UK has been a global leader in aviation and today, in the 21st century, Britain is leading the world in the development of zero carbon aircraft.”
EVTL Isn’t Rallying Despite the News
While EVTL stock rose higher on Friday ahead of the test flight, that momentum didn’t continue into today’s trading. Weak trading volume has shares of EVTL stock down 8.9% as of Monday morning. Even so, the company’s shares are still up 8.3% since the start of the year.
Investors on the lookout for all of the hottest stock market news are in luck!
We’ve got the most recent stock news traders need to know about on Monday! That includes what has shares of Li Auto (NASDAQ:LI), PG&E Corporation (NYSE:PCG) and Chinese EV stocks on the move today! You can catch up on all of that news at the following links!
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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.