Here's Why Joby Aviation Stock Flew Higher in July
Shares in electric vertical take-off and landing (eVTOL) company Joby Aviation (NYSE: JOBY) soared by 57.9% in July, according to data provided by S&P Global Market Intelligence. The move came largely after the news broke that Joby announced the expansion of its manufacturing site in California and, in doing so, doubled its aircraft production capacity. In addition, Joby expanded a facility in Ohio that will manufacture and test components. It's an important development for two main reasons.
First, it's a sign of growing confidence in its ongoing certification process. The latest news on that front came from the recent announcement that Joby is "preparing for final assembly of its first conforming aircraft intended for Type Inspection Authorization (TIA) flight tests" with the Federal Aviation Administration (FAA).
Management expects to complete its first TIA flight this year as it moves toward final certification.
Source Fool.com
