Markets
markets
Max Knoblauch

Joby shares are taking off again on report of a potential $1 billion deal with a Saudi Arabian investor

Electric air taxi company Joby Aviation rose 10% on Tuesday morning following news that the buzzy company is nearing a $1 billion deal to sell 200 of its air taxis to a Saudi Arabian investor.

Air taxis have been a hot investment in recent months, with automakers and airlines pouring cash into companies focused on the tech, largely on the belief that passengers will one day very soon want to ride mini electric helicopters to the airport with three friends. Joby rival Archer Aviation was recently named the “Official Air Taxi Provider” of the LA Olympics in 2028.

Joby has said it wants to begin commercial air taxi service in Dubai early next year. In the US, FAA certification is still needed.

This marks the second time in a week that Joby shares have taken off. A recent $250 million Toyota investment sent the stock soaring 27% last Wednesday.

Joby, Saudi Investor Eye Air Taxi Deal Worth Up to $1 Billion

Joby, Saudi Investor Eye Air Taxi Deal Worth Up to $1 Billion

Air taxis have been a hot investment in recent months, with automakers and airlines pouring cash into companies focused on the tech, largely on the belief that passengers will one day very soon want to ride mini electric helicopters to the airport with three friends. Joby rival Archer Aviation was recently named the “Official Air Taxi Provider” of the LA Olympics in 2028.

Joby has said it wants to begin commercial air taxi service in Dubai early next year. In the US, FAA certification is still needed.

This marks the second time in a week that Joby shares have taken off. A recent $250 million Toyota investment sent the stock soaring 27% last Wednesday.

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