24H | Joby Aviation Gains 5.4% After Selected for Trump Administration's Air Taxi Pilot Program

Dow Jones
03/10

Joby Aviation said it may begin electric air taxi operations in the U.S. this year after being selected as a partner in the Trump administration's Electric Vertical Takeoff and Landing Integration Pilot Program.

The company, which is developing air taxis for commercial passenger service, said the selection creates a path to pilot its operations ahead of receiving type certification from the Federal Aviation Administration.

Shares of Joby were up 5.38% to $10.58 in overnight trading.

Joby submitted successful applications for projects in Florida, Texas, North Carolina, Utah, and across New England, it said Monday. The company was also selected for applications that include its Superpilot autonomous flight technology platform, it said.

"Quiet, electric air taxis flying real routes are a powerful demonstration of American leadership in action, and proof that we're building the next golden age of aviation right here in the U.S.," Chief Executive Officer JoeBen Bevirt said.

Joby said its applications will progress into an Other Transaction Authority stage to finalize agreements and details. Flights are expected within 90 days of contracts being finalized, Joby said.

The company expects its first FAA-conforming aircraft for Type Inspection Authorization will fly shortly as it works to secure type certification from the agency.

Air taxi makers Archer Aviation and Beta Technologies also submitted successful applications for projects included in the pilot program.

Archer sued Joby earlier on Monday, accusing the company of downplaying its ties to Chinese suppliers to the U.S. government. A Joby attorney dismissed the complaint as "nonsense" in a statement.

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