Joby Stock Is Taking Off Wednesday: What's Going On?

Joby Aviation Inc JOBY shares are trading higher Wednesday after the company announced it received a permit to fly its first production aircraft.

What Happened: Joby said it received a Special Airworthiness Certificate, which will allow the company to begin flight testing its first production prototype built at its Pilot Production Line in California. 

The aircraft is expected to be the first ever eVTOL aircraft to be delivered to a customer. It's expected to be moved to Edwards Air Force Base in 2024 and be operated by Joby as part of a $131 million contract with the U.S. Air Force.

"Today's achievement is the culmination of years of investment in our processes and technology and it marks a major step on our journey to scaled production," said JoeBen Bevirt, founder and CEO of Joby.

Joby also appointed president and CEO of Toyota Motor North America Tetsuo Ogawa to its board, effective July 1. Toyota has invested $400 million in Joby over the last three years. 

Joby is developing all-electric aircraft for commercial passenger service. The company plans to begin commercial passenger operations in 2025.

JOBY Price Action: Joby shares were up 9.26% at $6.98 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Joby.