Joby Aviation Inc.’s stock
JOBY,
jumped 8% premarket Thursday to extend its week-to-date gains to 42%, after the maker of electric air taxis said it has received a $100 million investment from SK Telecom Co. Ltd.
SKM,
The news comes a day after the stock enjoyed more than 40% rally after the company got one step closer to commercial passenger flights, saying it had secured approval from U.S. regulators for test flights of its first electric vertical takeoff and landing, or eVTOL, aircraft. Proponents say that eVOTL aircraft are quieter and safer to operate than internal-combustion-engine helicopters. Joby plans to launch commercial operations in 2025. South Korea’s leading telecoms company is now making an equity investment in the company as part of an expanded partnership between the two. The agreement, executed on 27 June, “paves the way for Joby to participate alongside SKT in Korea’s “K-UAM Grand Challenge,” Joby said in a statement. The Challenge is a phased demonstration program, led by the Korean Ministry of Land, Infrastructure and Transport, which is designed to foster the adoption of aerial ridesharing in Korea, it explained. The stock has gained 167% in the year to date, while the S&P 500
SPX,
has gained 14%.
