Joby Aviation's stock price rose to $19.85, reflecting an increase of $2.68 or about 16% during trading. The surge followed the company’s announcement of acquiring Blade Air Mobility's passenger business, valued at $125 million, which encompasses Blade's US and European operations. CEO JoeBen Bevirt emphasized the acquisition's strategic importance for launching Joby's commercial operations in Dubai and future global expansion. Recently, Joby secured a $250 million investment from Toyota, reinforcing their collaboration and future air mobility vision, while analysts maintain a buy rating with a price target of $9.
JoeBen Bevirt, founder and CEO, Joby Aviation, stated, "This is a strategically important acquisition that will support the successful launch of Joby's commercial operations in Dubai, our subsequent global rollout, and our continued leadership in the sector."
In a press release, Joby Aviation noted, "The funding marks a significant milestone in strengthening the long-term collaboration between the two companies and supports their shared vision for the future of air mobility."
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