Why Joby Aviation Stock Is Gaining Altitude Today
Pre-revenue company Joby Aviation (NYSE: JOBY) lost more money than expected in the most recent quarter, but the bigger news is that the air-taxi pioneer is on course to navigate through the rigorous certification process and has begun final assembly of its aircraft.
Investors are excited about the potential, sending shares of Joby up as much as 16% in morning trading on Thursday.
Joby is one of a number of companies racing to bring so-called "flying cars" to market. The company has developed a small electric aircraft capable of vertical takeoffs and landings, better known as an eVTOL. The plane will never replace the jumbo jets that carry passengers over long distances, but it could be a useful alternative to congested city streets.
Source Fool.com
