Joby Aviation (NYSE:JOBY) stock is getting a boost on Tuesday after the company announced its acquisition of Xwing’s autonomous flight division.
Joby Aviation notes that the acquisition includes all of Xwing’s automation and autonomy technology activities. The company also notes it paid for this with JOBY stock. However, it didn’t provide finer details of the deal.
Joby Aviation says that this acquisition is complementary to its purchase of Inras, which it completed in 2021. That company focuses on making lightweight, high-performance radar sensor technology. Joby also points out that it will accelerate its existing contracts with the U.S. Department of Defense while increasing the potential for future contracts.
Joby Aviation founder and CEO JoeBen Bevirt said this about the deal:
“The exceptionally talented Xwing team has not only made unparalleled progress on the development and certification of vision systems, sensor fusion and decision-making autonomous technologies, but they’ve also successfully demonstrated the real-life application of their technology, flying hundreds of fully autonomous flights in the national airspace. We’re honored to bring them onboard at Joby as we continue on our mission of building a next generation aviation company.”
What This Means for JOBY Stock
This acquisition is another solid move for JOBY as it continues down its path of launching an air taxi service. The company hopes to build on its offering with autonomous flights for passengers in urban areas.
JOBY stock is up slightly as of Tuesday morning. That comes with more than 1 million shares traded. Its daily average trading volume is still above that at roughly 4.6 million units.
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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.
