Joby Aviation stock keeps rising on news that it will ‘explore opportunities’ to supply flying taxis to Saudi Arabia
From Yahoo Finance: 2025-06-04 08:35:00
Joby Aviation’s stock soared on news of a potential deal with Abdul Latif Jameel of Saudi Arabia to supply up to 200 eVTOL aircraft. Joby, a California-based company, went public in 2021 and aims to become a flying taxi service. Strategic partnerships with Toyota, Delta, and Uber have investors excited about its future.
The potential deal with Abdul Latif Jameel involves a Memorandum of Understanding to explore distributing up to $1 billion worth of air taxis in Saudi Arabia. Joby’s CEO sees the collaboration as a way to showcase American leadership in electric air mobility. The deal boosted Joby’s stock price by over 7% to $8.03 per share.
Despite the recent stock surge, Joby’s year-to-date performance shows a 1.23% decline. Over the past 12 months, however, JOBY shares have risen by nearly 65%. Joby has made strides in the industry, planning to launch an air taxi service in Dubai by 2026 and showcasing its innovative technology in New York City.
With advancements like a 100-mile range, 200 mph speed, and 1,000-pound payload capacity, Joby Aviation continues to push the boundaries of electric air mobility. The potential deal with Abdul Latif Jameel signals further growth opportunities for the company in the emerging market of eVTOL aircraft.