Joby Aviation Shares Rise 8% After First Aircraft Delivered to U.S. Air Force
By Chris Wack
Joby Aviation shares were up 8% at $6.69 after the company delivered its first aircraft to Edwards Air Force Base about six months ahead of the expected 2024 delivery date.
The company, which develops electric vertical take-off and landing aircraft for commercial passenger service, said on-base operations with Joby aircraft will be used to demonstrate a range of logistics missions, including cargo and passenger transportation, and will be operated by both Joby and U.S. Air Force personnel.
In partnership with the U.S. Air Force, NASA will also use the aircraft for research focused on how these aircraft could fit into the national airspace, benefiting the entire air taxi industry.
Joby's aircraft, which has already begun flying at Edwards AFB, is part of Joby's $131 million Agility Prime contract with the U.S. Air Force. Joby's current and previously completed work with the Defense Department represents a total potential contract value of $163 million.
The Agility Prime contract includes the provisioning of up to nine aircraft to the U.S. Air Force and other federal agencies. A second aircraft is planned to be delivered to Edwards in early 2024.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 25, 2023 10:12 ET (14:12 GMT)
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