Shares of Joby Aviation Inc. (JOBY) soared 6.57% in the pre-market trading session on Thursday, driven by the company's continued progress towards regulatory certification and securing additional funding.
The electric air taxi developer reported several key milestones that boosted investor confidence in its prospects. First, Joby expects to begin Type Inspection Authorization flight testing within the next 12 months, a crucial step in the Federal Aviation Administration's (FAA) certification process for its innovative air taxi technology.
Additionally, the company announced plans to deliver an aircraft to Dubai in mid-2025 to complete flight testing, indicating its commitment to expanding into the Middle Eastern market. Joby's progress on the certification front and its international expansion plans have been well-received by investors.
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