Why Joby Aviation Stock Is Taking Off Monday

Joby Aviation Inc JOBY shares are trading higher Monday after the company said it delivered its first electric vertical take-off and landing (eVTOL) aircraft to Edwards Air Force Base ahead of schedule.

What To Know: Joby said it delivered its first eVTOL to the Air Force approximately six months ahead of schedule, making it the first electric air taxi company to deliver aircraft to the Air Force. It's also believed to be the first eVTOL delivered in the U.S. 

The delivery is part of Joby's $131 million AFWERX Agility Prime contract with the U.S. Air Force, which includes the provisioning of up to nine aircraft. The company noted that its previous and current work with the Department of Defense represents a total potential contract value of $163 million. 

"The longstanding support of the DOD and NASA has been critical to the rapid development of electric aviation and eVTOL aircraft, and demonstrates how successful public-private partnerships can bring new technology to life at speed. Their work will have profound implications for continued American leadership in both commercial and defense aerospace technology," said JoeBen Bevirt, founder and CEO of Joby.

An official delivery event is scheduled for 1 p.m. ET on Monday.

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JOBY Price Action: Joby shares were up 5.29% at $6.55 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Joby.