Joby Aviation Shares Rally After Getting Permit to Fly First Production Aircraft
June 28 2023 - 9:44AM
Dow Jones News
By Robb M. Stewart
Joby Aviation's shares hit a fresh 52-week high Wednesday after
the company received a permit to fly the first all-electric
aircraft built on its production line.
In morning trading, the shares were 23% higher at $7.86, after
reaching $8.16 earlier in the session. The stock has more than
doubled so far this year.
Joby said it received a special airworthiness certificate from
the Federal Aviation Administration for the first aircraft off the
line at its Marina, Calif., facility, allowing the company to begin
flight testing of the production prototype.
The aircraft is expected to become the first electric vertical
take-off and landing aircraft to be delivered to a customer when it
moves to Edwards Air Force Base in 2024 to be operated by Joby as
part of a contract with the U.S. Air Force worth up to $131
million.
Joby, whose largest external shareholder is Toyota Motor, has
been flying full-sized aircraft since 2017 and its pre-production
prototype aircraft have flown more than 30,000 miles since
2019.
The company on Wednesday said Tetsuo "Ted" Ogawa, president and
chief executive of Toyota Motor North America, will join its board
July 1, succeeding James Kuffner as the Toyota representative.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 28, 2023 10:29 ET (14:29 GMT)
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