Why Joby Aviation Shares Soared Higher in March
Joby Aviation (NYSE: JOBY) recently provided more evidence that it's the horse to back in the race to bring so-called "flying cars" to the masses, and investors responded by buying in. Shares of Joby rose by 28.8% in March, according to data provided by S&P Global Market Intelligence, boosted by a steady stream of positive announcements.
Joby is developing a small electric airplane capable of vertical takeoffs and landings -- an eVTOL. It's one of a number of companies working on such efforts that have joined the public markets in the last 18 months, mostly via mergers with special purpose acquisition companies (SPACs). This influx has created a lot of excitement around the technology, but also suggests there will eventually be a lot of competition in the eVTOL market.
Image source: Joby Aviation.
Source Fool.com
