Electric vertical takeoff and landing (eVTOL) aircraft developer Joby Aviation has received a $55 million extension on its contract with the U.S. Air Force. The extension is the company’s third, bringing the overall contract value to a maximum of $131 million. The recent agreement also includes provisions for the delivery and operation of up to nine five-seat Joby eVTOL aircraft.
“We’re grateful for the support of the program and for the U.S. government’s wider commitment to global leadership in this important new sector,” said Joby founder and CEO JoeBen Bevirt. “As well as allowing us to explore the wide range of potential use cases across the U.S. government, our defense partners have also provided us with high-impact support as we prepare for commercial operations in 2025.”
According to Joby, the first two aircraft are slated to be delivered to California’s Edwards Air Force Base by early 2024. The eVTOLs will be used to demonstrate potential use cases such as cargo and passenger transportation. Joby noted that four Air Force pilots recently flew its aircraft, becoming “the first Air Force personnel to fly an eVTOL as sole pilot-in-command through the full flight envelope, including transition from vertical to wingborne flight.”
This explains why they moved their full motion sim trainer from KSGH to California laster summer. $JOBY is a terrific acquisition target for $TSLA and with a market cap still below 3B it wouldn’t be difficult. Some of the redditors have started to accumulate this stock as have $TSLA shareholders. Stock up 6% today on this news.
WOW! Job Aviation Inc (NYSE:JOBY) market value just slammed through 6Billion today, that ad double since the above post. The company announced it received a Special Airworthiness Certificate to allow the company to begin flight testing its first production prototype built at its Pilot Production Line in California. This will be the first eVTOL aircraft delivered to a customer. It will move to Edwards Air Force Base will be operated by Joby as part of a $131 million contract with the USAF. “A culmination of years of investment and R&D, this marks a major step on our journey to scaled production,” said JoeBen Bevirt, founder and CEO of Joby. Hey guys step up here get your family some $JOBY stock. They’ll love it, especially the kids, and just maybe we can keep this awesome company where it belongs – in the U.S.A. !