SPECIAL REPORT The Top 7 Stocks for 2024

JOBY Stock: Joby Aviation Takes to the Skies Above New York City


  • Joby Aviation (JOBY) has completed the first-ever electric air taxi flight over New York City.
  • The company has completed 84% of the requirements necessary for Federal Aviation Administration (FAA) Stage 3 certification.
  • JOBY stock is up more than 70% so far this year.
JOBY stock - JOBY Stock: Joby Aviation Takes to the Skies Above New York City

Source: T. Schneider / Shutterstock.com

Joby Aviation (NYSE:JOBY) is in focus after the electric vertical take-off and landing (eVTOL) aircraft company announced that it had successfully completed an exhibition flight in New York City. This was the first-ever electric air taxi flight to be flown over the city and also marked the first time that a Joby aircraft had flown in an urban setting.

After the flight, New York City Mayor Eric Adams announced a goal of electrifying heliports across the city. NYC seems to be a prime location for eVTOL adoption, as 99% of trips taken across the city’s boroughs can be completed with Joby’s aircraft, which carries a range of 100 miles on a single charge.

“We’re grateful for the support of the city, and we’re honored to be working with visionary partners like Delta Air Lines to bring our air taxi service to this market,” said CEO and founder JoeBen Bevirt. “We plan to make quiet, emissions-free flight an affordable, everyday reality for New Yorkers, while significantly reducing the impact of helicopter noise.”

JOBY Stock: Joby Completes Exhibition Flight Over New York City

Through its partnership with Delta Air Lines (NYSE:DAL), Joby had previously announced that it expected New York City to be one of its early launch markets following the receipt of Federal Aviation Administration (FAA) certification, which has not yet been received. As of Nov. 1, Joby had completed 84% of requirements necessary for Stage 3 of certification.

Joby and Delta are “working closely” with the Port Authority of New York and the New York City Economic Development Corporation to support the adoption of eVTOL travel. This includes the planning and development of eVTOL infrastructure at John F. Kennedy International Airport (JFK) and LaGuardia International Airport.

Joby’s full-scale prototype aircraft has now flown more than 30,000 miles since 2017. Last month, the company announced that it had completed four piloted test flights following a majority of flights that had been tested remotely through a ground control station. By 2025, Joby expects to launch its commercial passenger service.

On the date of publication, Eddie Pan 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

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/11/joby-stock-joby-aviation-takes-to-the-skies-above-new-york-city/.

©2024 InvestorPlace Media, LLC