Joby Aviation (NYSE:JOBY) stock is on the move Wednesday after the electric vertical takeoff and landing (eVTOL) company announced a collaboration with Atlantic Aviation.
This team-up will see the two companies working together to “electrify existing aviation infrastructure.” The goal is to create more places where Joby Aviation’s eVTOLs can see commercial use.
In this case, Atlantic Aviation and Joby will focus on adding electric infrastructure to locations in New York and Southern California. That will see Atlantic Aviation handle the addition of Joby Aviation’s Global Electric Aviation Charging System to its operational footprint.
Joby Aviation founder and CEO JoeBen Bevirt said the following about the collaboration with Atlantic Aviation:
“Infrastructure is a critical piece of the puzzle and Atlantic’s presence in these two key U.S. markets will help ensure we’re well positioned to deliver a meaningful service for our customers […] We’re excited to be working together to lay the foundation for the next generation of clean and quiet flight.”
What This Means for JOBY Stock
Today’s news further cements Joby Aviation’s commitment to bringing eVTOL travel to the United States. It builds on other efforts from the company, including its first air taxi test flight in New York City.
If the air taxi market takes off the way Joby Aviation hopes it will, the company could become a leader in the space. That may mean the stock will see exponential growth in the years to come. So long as there’s demand for its services and regulations don’t get in the way.
JOBY stock is down 1.3% as of Wednesday morning.
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On the date of publication, William White 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.
