Why Joby Aviation Shares Are Flying High Today
Shares of Joby Aviation (NYSE: JOBY) are gaining altitude on Friday following the release of the company's fourth-quarter results. There isn't much to get excited about in the actual results, but the company's progress toward bringing an air taxi to market has the shares up more than 12% on Friday afternoon.
Joby is one of a number of newly public companies working on electric airplanes capable of vertical takeoffs and landings, or eVTOLs. These planes aren't designed to replace the jumbo jets that take passengers overseas or across continents, but rather as so-called air taxis that can overfly traffic jams or provide a green alternative on shorter flights.
Joby's prototype aircraft. Image source: Joby Aviation.
Source Fool.com
