Joby Aviation stock exploded 35% higher on June 28, 2023, after the company reported that it received a permit to fly its first aircraft.

Joby Aviation is an aerospace company that specializes in the development of electric vertical takeoff and landing (eVTOL) aircraft. The company aims to revolutionize the way people and goods move by creating an on-demand, air taxi-like service. Joby Aviation designs, manufactures, and operates its eVTOL aircraft, which are capable of vertical takeoff and landing, as well as efficient and quiet electric flight. The company focuses on creating aircraft that are environmentally friendly, with zero emissions and reduced noise levels compared to traditional aircraft. Joby Aviation envisions a future where their eVTOL aircraft are used for urban air mobility, providing a faster, safer, and more sustainable mode of transportation.

Joby receives certificate to test first production prototype

On June 28, 2023, Joby Aviation announced it has received a Special Airworthiness Certificate for the first aircraft built at its Pilot Production Line in Marina, California. Issued by the Federal Aviation Administration, the certificate allows Joby to begin flight testing of its first production prototype, the company said in a statement. “The aircraft is expected to become the first ever eVTOL aircraft to be delivered to a customer when it moves to Edwards Air Force Base in 2024 to be operated by Joby as part of the Company’s Agility Prime contract with the U.S. Air Force, worth up to $131 million,” Joby added.