Joby Aviation, Inc. (NYSE:JOBY) stock was flying high on Monday after the company recently announced two bold moves: an acquisition and a partnership with a major defense contractor.
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What To Know: On Monday, Joby announced it will acquire the passenger business of Blade Air Mobility, Inc. (NASDAQ:BLDE) for up to $125 million.
Blade is known for its urban helicopter ride-share service, especially in New York and Southern Europe, and handled over 50,000 passengers in 2024.
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With the deal, Joby gains immediate access to key urban markets, a loyal customer base, lounge and terminal infrastructure and a decade's worth of operational knowledge.
Joby Aviation CEO JoeBen Bevirt told the New York Times that buying Blade's passenger business will help Joby as it prepares to launch its electric air taxi business in Dubai and elsewhere.
"Blade has spent 10 years building a whole bunch of best-in-class infrastructure, really working to hone the customer experience," Bevirt said.
"We see that as a launchpad for helping us to accelerate the scale-out of our passenger service," he added.
What Else: Last week, Joby announced a strategic partnership with L3Harris Technologies, Inc. (NYSE:LHX) to jointly develop a new class of hybrid, gas turbine-powered vertical take-off and landing (VTOL) aircraft specifically designed for military use.
“We have worked closely with the Department of Defense over the past decade to give them a front row seat to the development of our dual-purpose technologies, and we’re now ready to demonstrate and deploy it,” Bevirt said.
Flight testing for the hybrid VTOL is expected to kick off this fall, and operational demonstrations are planned for 2026.
BLDE, JOBY Stock Price: Joby stock has gained nearly 100% over the past month as investors grow enthusiastic about the VTOL sector's rapid growth potential, regulatory progress and a possible decline in interest rates.
Joby shares were up 19.6% at $20.53 and Blade Air Mobility shares were up 27.6% at $4.82 on Monday, according to Benzinga Pro.
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Image courtesy of Joby Aviation, Inc.
