BUZZ-Air-taxi maker Joby rises after reporting certification progress

Reuters
02-27
BUZZ-Air-taxi maker Joby rises after reporting certification progress

** Shares of Joby Aviation JOBY.N up 5% at $7 premarket

** JOBY said on Tuesday it expects Type Inspection Authorization flight testing to begin in next 12 months

** Co added that it plans to deliver an aircraft to Dubai in the middle of 2025 to complete flight testing

** JOBY also said it received more than $1 billion of additional funding and commitments in Q4

** J.P.Morgan cuts PT to $5 from $6, maintains "underweight"

** "Commercial launch in Dubai faces risk of further delay and certification appears to be progressing well, supported by a manufacturing ramp up for conforming parts," brokerage says

** Needham says JOBY has continued to make progress towards FAA certification and passenger flight in UAE is still largely on track

** JOBY stock rose 22.2% in 2024

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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