Latest news with #JoeBenBevirt
Yahoo
05-06-2025
- Business
- Yahoo
Joby Aviation stock keeps rising on news that it will ‘explore opportunities' to supply flying taxis to Saudi Arabia
Shares in Joby Aviation (NYSE: JOBY) jumped yesterday after the air taxi company announced a potential deal with the Saudi Arabia-based Abdul Latif Jameel. The deal could lead to Joby supplying up to 200 of its eVTOL aircraft. Here's what to know about the potential and its effect on Joby's stock price. The household auto fleet is a money pit Why AI Is Making 1:1 Meetings Irrelevant Where are the wildfires in Canada? Maps pinpoint the location of fires and air-quality threats from smoke Joby Aviation, better known as Joby, is a Santa Cruz, California-headquartered aviation company that is developing a fleet of electric vertical takeoff and landing (eVTOL) vehicles—in other words, flying taxis. Joby was founded in 2009 and went public on the New York Stock Exchange in 2021 via a special purpose acquisition company, or SPAC. Prior to its NYSE debut, Joby was named one of Fast Company's Most Innovative Companies for 2021. While the company is developing flying taxi vehicles, one of its primary aims is to become a service—an Uber of the skies, so to speak. Because of its relatively small market cap of around $6.7 billion and interesting futuristic product (a flying rideshare service), Joby's stock is somewhat popular with investors who lean more toward dabbling in meme stocks and small-cap stocks that have potential to see sky-high returns if their products eventually take off (no pun intended). Joby says it currently has 'strategic partnerships' with Toyota, Delta, and Uber, and it employs more than 1,700 engineers. For its Q1 2025, which ended March 31, Joby reported a net loss of $82.4 million. Yesterday, Joby Aviation announced a potential deal with Abdul Latif Jameel, a business based in Saudi Arabia. Potential is the key word here. That's because the two companies didn't actually agree to sell anything to or buy anything from one another. Instead, they signed a Memorandum of Understanding (MoU). This MoU will see the companies 'explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft,' according to Joby. That potential distribution agreement may see Joby deliver up to 200 air taxis and other related services valued at up to $1 billion to Abdul Latif Jameel 'over the coming years.' Joby has positioned the potential deal as a win-win for both American and Saudi Arabian business interests. 'This collaboration is about bringing America's leadership in electric air mobility to the world,' Joby Aviation CEO JoeBen Bevirt said in a statement announcing the deal. Given that Joby has recently been worth about $6 billion in total, it's no wonder the company's stock jumped yesterday after it announced it was exploring a single deal worth up to $1 billion. By the close of the market yesterday, JOBY stock had risen over 7% to $8.03 per share. In premarket trading this morning, as of the time of this writing, JOBY stock is up another 2%. However, while JOBY stock has been flying high over the past two days, it's important to put the stock's past performance into perspective. Despite JOBY's stock price surge in the last 24 hours, the company's stock was still down year-to-date by 1.23% as of yesterday's close. At the same time, when you look at the last 12 months, JOBY shares have had a significant return. Since last June, the stock has risen nearly 65%. Where the stock goes from here is anyone's guess. However, the company has had some exciting advances in recent years. In February 2024, Joby announced that it plans to launch an air taxi service in Dubai by 2026, and in October 2024, Joby showed off one of its air taxis to much fanfare in New York's Grand Central Station. The company said that an air taxi could carry up to 1,000 pounds of payload/people, had a range of 100 miles, and could reach speeds up to 200 mph. This post originally appeared at to get the Fast Company newsletter:
Fast Company
04-06-2025
- Business
- Fast Company
Joby Aviation stock keeps rising on news that it will ‘explore opportunities' to supply flying taxis to Saudi Arabia
Shares in Joby Aviation, Inc. (NYSE: JOBY) jumped yesterday after the air taxi company announced a potential deal with the Saudi Arabia-based Abdul Latif Jameel. The deal could lead to Joby supplying up to 200 of its eVTOL aircraft. Here's what to know about the potential and its effect on Joby's stock price. What is Joby? Joby Aviation, better known as Joby, is a Santa Cruz-headquartered aviation company that is developing a fleet of electric vertical takeoff and landing (eVTOL) vehicles—in other words, flying taxis. Joby was founded in 2009 and went public on the New York Stock Exchange in 2021 via a special purpose acquisition company, or SPAC. Prior to its NYSE debut, Joby was named one of Fast Company 's Most Innovative Companies for 2021. While the company is developing flying taxi vehicles, one of its primary aims is to become a service—an Uber of the skies, so to speak. Because of its relatively small market cap of around $6.7 billion and interesting futuristic product (a flying rideshare service!), Joby's stock is somewhat popular with investors who lean more toward dabbling in meme stocks and small-cap stocks that have potential to see sky-high returns if their products eventually take off (no pun intended). Joby says it currently has 'strategic partnerships' with Toyota, Delta, and Uber, and it employs more than 1,700 engineers. For its Q1 2025, which ended March 31, Joby reported a net loss of $82.4 million. What deal did Joby announce yesterday? Yesterday, Job Aviation announced a potential deal with Abdul Latif Jameel, a business based in Saudi Arabia. Potential is the key word here. That's because the two companies didn't actually agree to sell anything to or buy anything from one another. Instead, they signed a Memorandum of Understanding (MoU). This MoU will see the companies 'explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft,' according to Joby. That potential distribution agreement may see Joby deliver up to 200 air taxis and other related services valued at up to $1 billion to Abdul Latif Jameel 'over the coming years.' Joby has positioned the potential deal as a win-win for both American and Saudi Arabian business interests. 'This collaboration is about bringing America's leadership in electric air mobility to the world,' Joby Aviation CEO JoeBen Bevirt said in a statement announcing the deal. Joby stock rises on the news Given that Joby has recently been worth about $6 billion in total, it's no wonder the company's stock jumped yesterday after it announced it was exploring a single deal worth up to $1 billion. By the close of the market yesterday, JOBY stock had risen over 7% to $8.03 per share. In premarket trading this morning, as of the time of this writing, JOBY stock is up another 2%. However, while JOBY stock has been flying high over the past two days, it's important to put the stock's past performance into perspective. Despite JOBY's stock price surge in the last 24 hours, the company's stock was still down year-to-date by 1.23% as of yesterday's close. At the same time, when you look at the last 12 months, JOBY shares have had a significant return. Since last June, the stock has risen nearly 65%. Where the stock goes from here is anyone's guess. However, the company has had some exciting advances in recent years. In February 2024, Joby announced that it plans to launch an air taxi service in Dubai by 2026, and in October 2024, Joby showed off one of its air taxis to much fanfare in New York's Grand Central Station. The company said that air taxi could carry up to 1,000 pounds of payload/people, had a range of 100 miles, and could reach speeds up to 200 mph.
Yahoo
03-06-2025
- Business
- Yahoo
Joby, Saudi Group Eye Air Taxi Deal
Joby is looking toward a possible expansion throughout the Middle East. The California-based company is working toward an agreement to sell as many as 200 of its air taxis through Abdul Latif Jameel, a major Saudi Arabian investor. In an interview for Wall Street Week, CEO JoeBen Bevirt says, "We think that, over time, the market in Saudi is substantially larger than that. But this is the first chunk."
Arabian Business
03-06-2025
- Business
- Arabian Business
Air taxis in Saudi Arabia: Abdul Latif Jameel and Joby Aviation sign $1bn future transport deal
A business group in Saudi Arabia will partner with a futuristic US aviation firm on a $1bn deal to bring flying taxis to the Kingdom. The groundbreaking electric aircraft partnership will see Abdul Latif Jameel team up with Joby Aviation to explore a distribution agreement for electric vertical take-off and landing (eVTOL) aircraft. The potential deal, valued at approximately $1bn, could deliver up to 200 aircraft in the coming years, marking a pivotal step in Saudi Arabia's clean transportation ambitions. Flying taxis in Saudi Arabia The announcement builds on the deepening economic ties between the United States and Saudi Arabia, with both nations investing heavily in next-generation, sustainable infrastructure. Joby Aviation, known for its piloted, all-electric aircraft designed to carry four passengers at speeds of up to 200 mph, represents the forefront of urban air mobility. With zero operating emissions and significantly reduced noise levels, Joby's aircraft are poised to redefine short-distance travel. JoeBen Bevirt, Founder and CEO of Joby Aviation, said: 'This collaboration is about bringing America's leadership in electric air mobility to the world. Together with Abdul Latif Jameel, we're not just imagining a cleaner, safer, more efficient future—we're building it. And there is no better partner to help unlock the extraordinary opportunity for air travel in the region.' Hassan Jameel, Vice Chairman, Saudi Arabia, Abdul Latif Jameel, said: 'Saudi Arabia is transitioning toward a new era of mobility – one that is on-demand, shared, connected, and sustainable. eVTOL is an exciting and important component of this. 'We are looking forward to collaborating with Joby to support the transformation of the Kingdom's mobility sector. This collaboration also comes as Abdul Latif Jameel Motors marks 70 years of distributing Toyota in Saudi Arabia — a strategic investor in Joby.' Joby's collaboration with Abdul Latif Jameel will initially focus on Saudi Arabia, where Abdul Latif Jameel has an extensive presence, network and deep operational experience. The two businesses will work together to explore distribution and sales collaborations, the launch of local air taxi services, including the establishment of aftermarket services such as MRO (Maintenance, Repair, and Overhaul), and pilot training. Joby's piloted, all-electric aircraft is designed to carry four passengers at speeds of up to 200mph, offering high-speed mobility with a fraction of the noise produced by helicopters and zero operating emissions. Joby Aviation aims to launch its first commercial passenger flights in Dubai by 2026, with expansion into Saudi Arabia envisioned soon after. The deal also reflects Abdul Latif Jameel's broader investment strategy in future mobility. The Jameel family previously invested in Joby's Series C funding round, led by Toyota Motor Corporation in 2020.
Bloomberg
03-06-2025
- Business
- Bloomberg
Joby, Saudi Group Eye Air Taxi Deal
Joby is looking toward a possible expansion throughout the Middle East. The California-based company is working toward an agreement to sell as many as 200 of its air taxis through Abdul Latif Jameel, a major Saudi Arabian investor. In an interview for Wall Street Week, CEO JoeBen Bevirt says, 'We think that, over time, the market in Saudi is substantially larger than that. But this is the first chunk.' (Source: Bloomberg)
