Why Joby Aviation Stock Is Soaring Today
Shares of Joby Aviation (NYSE: JOBY) are flying higher on Tuesday. The company's stock had spiked 9.9% at 12:25 p.m. ET. The jump came as the S 500 and the Nasdaq Composite gained 0.5% and 0.8%, respectively.
The company, which develops electric vertical take-off and landing (eVTOL) aircraft, announced today that it is officially in talks with Abdul Latif Jameel, a prominent Saudi Arabian investor group, to deliver as many as 200 of its air taxis.
As announced through a joint statement this morning, Joby and Abdul Latif Jameel have signed a nonbinding agreement "to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft." While the deal is preliminary and in an exploratory phase, it looks promising, as the Saudi investor group is already an investor in Joby and has a long-standing relationship with , an important supporter of Joby.
Source Fool.com
