Joby Aviation (NYSE:JOBY) stock is on the move Tuesday after the electric vertical takeoff and landing (eVTOL) company announced an expanded contract with the U.S. Air Force.
This expanded contract has the company agreeing to delivery two of its aircraft to the MacDill Air Force Base in Florida. That delivery is set for 2025 and is part of Joby Aviation’s AFWERX Agility Prime contract.
Joby Aviation says that the eVTOLs being sent to the MacDill Air Force Base will be used in the tests and training of personnel. It will also mark the first time that the company will work directly with the U.S. Department of Defense.
JoeBen Bevirt, founder and CEO of Joby Aviation, said the following about the news:
“The early investment and vision by the US government in this critical technology is proving foundational as we continue our path toward commercial passenger service. We’re grateful to our partners at the Department of Defense for their ongoing support and continued leadership in adopting eVTOL technology.”
JOBY Stock Movement Today
Despite the positive news of an expanded contract, shares of JOBY stock aren’t seeing positive movement on Tuesday. Instead, the stock is down 1.7% this morning with only about 325,000 shares traded. That’s light compared to its daily average trading volume of about 5 million shares.
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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.
