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Wednesday, February 21, 2024

Why is Joby Aviation stock up today? By Investing.com

Why is Joby Aviation stock up today? By Investing.com

© Reuters. Why is Joby Aviation (JOBY) in Stock Today?

Actions of Joby Aviation (NYSE:) jumped more than 4.2% in pre-market trading on Monday. The stock fell about 4% through Friday’s close.

Today’s hike comes after the electric vertical take-off and landing (EVTOL) aircraft maker announced on Sunday that it had reached an agreement with the Dubai Roads and Transport Authority, granting it exclusive management rights air taxi services in the city-state of the United Arab Emirates. for a period of six years.

The company plans to launch its air taxi services by early 2026, aiming for an early start in 2025. Joby said the Roads and Transport Authority would offer “a variety of supports”, including “financial mechanisms” to facilitate this undertaking. .

“Today’s historic agreement brings together the three ingredients necessary for the successful launch of an air taxi service: a definitive path to operations, well-placed infrastructure supported by dedicated partners, and an aircraft with the capacity and “autonomy needed to offer meaningful travel,” said the founder of Joby. and CEO, JoeBen Bevirt.

At the same time, the company also entered into a partnership with Skyports Dubai, which will build and operate four ports in Dubai to accommodate Joby’s electric aircraft.

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