Joby Aviation (NYSE:JOBY) stock is in the news Friday after the electric vertical takeoff and landing (eVTOL) company announced it’s moving to the next phase of test flights.
According to a press release from Joby Aviation, the company has completed its pre-production flight test program. That means it’s ready to move onto the production prototype aircraft phase.
This will allow the company to use the production prototype aircraft in test flights and earn tax credits. This moves the company further along in its plans to offer commercial air taxi services.
JoeBen Bevirt, founder and CEO of Joby Aviation, said the following about the test flight news:
“Learnings from the flight test program have been invaluable to our certification program and to the broader development of regulatory frameworks around electric VTOL aircraft, validating the performance, safety, and acoustics of our design while providing insight into daily operations and maintenance.”
JOBY Stock Market Movement on Friday
Despite the company reaching a new phase with its test flights, not much is happening with JOBY stock today. Only about 2.1 million shares have changed hands, which is nowhere near its daily average trading volume of about 5.1 million shares.
JOBY stock has also largely remained unmoved as of Friday afternoon. Investors will note that the shares are down 12.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
