2023-06-28 11:50:12 ET
The Federal Aviation Administration has issued Joby Aviation ( NYSE: JOBY ) a certificate for its first production prototype, which will allow the air taxi company to begin flight testing.
JOBY shares soared nearly 40% , reaching a session high of $8.92 just before midday on Wednesday.
A "Special Airworthiness Certificate" was issued by the FAA to the company for the aircraft built at its Marina, California, facility.
"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," the company said in a statement.
The aircraft is expected to go through initial flight testing before being delivered to demonstrate its potential use.
Japan's Toyota, which contributed to the design of the prototype and is the largest shareholder in the California-based company, has nominated its U.S. business CEO Tetsuo Ogawa to join the board of directors on July 1.
The company also confirmed its plans to begin commercial passenger operations in 2025 through its recent partnership with Delta Air Lines.
For further details see:
Joby stock takes off on landing FAA certificate for its first production prototype