Two companies just took a major step toward a future with flying cars. Specifically, electric vertical take-off and landing (eVTOL) innovator Joby Aviation (NYSE:JOBY) has signed a contract with private jet charter and management company Clay Lacy Aviation. Under the agreement, Joby will install Southern California’s “first electric air taxi charger” at John Wayne Airport (SNA). News of this development is sending JOBY stock higher as anticipation builds for the next phase of the flying car race.
As investors eye the next phase of transportation, many are looking to the fast-evolving eVTOL sector. JOBY stock has benefited from this enthusiasm over the past year, although things have been volatile. However, developments like this demonstrate that flying cars are no longer just a cinematic trope. Indeed, flying cars are coming and, as Joby reminds us, coming sooner than you might think.
What’s Happening With JOBY Stock?
Since news of this partnership broke, JOBY stock has been gaining steadily. As of this writing, shares are up more than 4% for the day. After a difficult week and highly turbulent month, Joby could certainly use this positive catalyst, too. If the stock can sustain this momentum, it could easily make up some of the ground it lost in 2023.
Joby’s air taxi charger coming to the John Wayne Airport is the Global Electric Aviation Charging System (GEACS). This charging interface is already being used at the Edwards Air Force Base as well as at Joby’s Marina, California flight test facility. With it now coming to a commercial airport, however, new possibilities are opening up. Per a statement released by the company:
“The Joby aircraft will be deployed on routes of up to 100 miles, and can carry a pilot and four passengers at speeds of up to 200 mph, offering travelers high-speed mobility with no in-flight emissions and a noise footprint that is radically lower than today’s helicopters. The installation of a charger at John Wayne Airport will establish the site as a node in Joby’s Southern California air taxi network, which is expected to be one of the first networks to launch in the U.S.”
For the many flight and technology enthusiasts who have been waiting patiently for the arrival air taxis, this news should confirm what they’ve been hoping for. The same also applies to investors who want to see flying car stocks take off in the near future.
To the Skies
Back in September of last year, InvestorPlace’s Luke Lango predicted that flying car stocks would take to the skies in 2024. What’s more, Lango named JOBY stock while recounting his bullish thesis on the sector. Today’s news that Joby is primed to install an air taxi charger only further supports his hypothesis that shares are primed for big things this year.
While no exact date has been specified for the charger installation yet, JOBY stock is likely to keep rising as anticipation builds for the flying car race.
On the date of publication, Samuel O’Brient did not hold (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.
