Joby Aviation Inc (NYSE:JOBY) is trading higher Tuesday after the company announced it's forming a partnership with ANA Holdings, Japan's largest airline, to bring air taxi services to Japan.
ANA and Joby will collaborate on the development of infrastructure, pilot training, flight operations, air traffic management, public acceptance and the regulatory requirements to operate.
"Joby exists to help people save time while reducing their carbon footprint. Japan offers us a spectacular opportunity to do just that with 92% of the population living in urban areas and Tokyo registering as one of the top 20 most congested cities in the world," said JoeBen Bevirt, founder and CEO of Joby.
Toyota Motor Corp (NYSE:TM) also joined the partnership with intentions of exploring opportunities in ground-based transportation. Toyota is Joby’s largest outside investor, with nearly $400 million invested to date.
All three companies will participate in joint discussions with relevant private companies as well as local and national governments.
See Also: What's Boosting Virgin Galactic Shares Today?
Joby Aviation is a transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet and convenient air taxi service.
JOBY Price Action: Joby has traded as low as $3.61 and as high as $14.33 over a 52-week period.
The stock was up 9.24% at $4.76 at time of publication.
Photo: courtesy of Joby.
