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Anushka Dutta

Joby Aviation Just Aced New Test Flights. Should You Buy the Flying Car Stock Here?

Joby Joby Aviation United States

On Aug. 15, air mobility company Joby Aviation (JOBY) announced the completion of a test flight between the airports of Marina and Monterey in airspace controlled by the Federal Aviation Administration (FAA). This test was seen as a testament to Joby's commercial readiness. The news also marks the first time a piloted electric vertical takeoff and landing (eVTOL) air taxi has flown from one public airport to another.

JOBY stock has been rising on the back of favorable developments. First, the company signed a deal with popular defense firm L3Harris Technologies (LHX) to develop an autonomous, gas turbine hybrid VTOL aircraft. The aircraft will be specifically designed for military operations, and could open up a brand new revenue stream. Additionally, Joby also agreed to acquire the passenger business of Blade Air Mobility (BLDE) for up to $125 million. This derisks the company’s service launch at scale by providing immediate infrastructure, an existing customer base, and built-in on-the-ground experience. 

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