Joby Aviation (NYSE:JOBY) stock is a hot topic among traders on Monday after the company secured a new tax credit to build a new factory in Ohio.
This new facility would open in Dayton, Ohio and include a 2.055%, 30-year Job Creation Tax Credit. This gives it an estimated value of $93 million. To go along with that, the company may also get a $110 million grant to convince it to build its electric vertical takeoff and landing vehicles (eVTOL) in the state.
The grant allows the company to build the facility near Dayton International Airport and could open as early as 2025. The current estimates are that it will create between 1,200 and 2,000 jobs in the area.
How This Affects JOBY Stock
So far, JOBY stock isn’t seeing much movement alongside the Ohio factory tax credit news today. Only about 737,000 shares have changed hands as compared to its daily average of around 5.3 million shares.
On that same note, JOBY stock is only up slightly on Monday morning. However, traders will keep in mind that JOBY shares are up 52.9% since the start of the year. Even so, further factory updates could prove more beneficial to the company’s shares down the line.
Investors seeking out even more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
