Why Joby Aviation Stock Is Skyrocketing Today
Joby Aviation (NYSE: JOBY) stock is seeing explosive gains in Friday's trading. The flying electric vehicle (EV) specialist's share price was up 18% as of 2 p.m. ET.
Just before the market closed yesterday, Bloomberg published a report stating that the Biden administration was considering a ban on drones using Chinese technology. Joby Aviation stock is surging today because it's possible that regulations that will benefit the company's growth trajectory.
According to reports, the Biden administration -- which is in office for about two and a half more weeks -- is weighing a ban on Chinese-made drones and drones that depend on Chinese technologies. If an executive order implementing such a ban does not emerge under Biden's remaining tenure, it's possible that a similar order could be introduced under the incoming Trump administration. If the U.S. government pursues such a move, it could wind up benefiting Joby Aviation.
Source Fool.com
