Joby Aviation, Inc. (JOBY) saw its stock soar 6.56% in after-hours trading on Wednesday, following the company's report of significant advancements in the certification process for its electric air taxi and growing investor enthusiasm for the emerging urban air mobility market.
In its fourth-quarter and full-year 2024 earnings release, Joby announced record progress on the fourth stage of the Federal Aviation Administration's (FAA) five-stage certification process. The company expects to begin Type Inspection Authorization (TIA) flight testing within the next 12 months, a critical step towards commercial certification. Additionally, Joby delivered a second aircraft to the U.S. Air Force at Edwards Air Force Base as part of its work with the Department of Defense.
Joby also reiterated its plans to carry its first passengers in late 2025 or early 2026, fueling optimism about the company's leadership in the burgeoning air taxi industry. The stock's rally during regular trading hours and subsequent after-hours surge reflect growing investor confidence in Joby's ability to capitalize on the promising urban air mobility market.
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