What Happened to Joby Aviation?
Ticker: JOBYSPAC Year: 2021Merger: 2021
Return
-45.0%
Current Price
$5.5
Peak Price
$16.81
Trust Size
$1.0B
Summary
Electric air taxi company backed by Toyota and the US Air Force. Promised flying taxis by 2024 but still hasnt carried a single paying passenger. Pre-revenue company valued at $6.6B.
What Happened
Joby Aviation merged with Reinvent Technology Partners in August 2021 at a $6.6B valuation. The company is developing electric vertical takeoff and landing (eVTOL) aircraft â essentially flying taxis. Toyota invested $394M, and the US Air Force awarded a contract. But FAA certification has taken far longer than promised. Originally targeting commercial service by 2024, the company is now targeting 2025-2026 at earliest. It has zero revenue and burns $100M+ per quarter. Joby is one of two major eVTOL SPACs alongside Archer Aviation.
Key People
Timeline
2021-02
SPAC merger announced
2021-08
Merger completed at $6.6B valuation
2022-06
Stock falls below $5
2024-01
Misses 2024 commercial launch target
2025-01
Still pre-revenue, FAA certification pending