Joby Aviation (NYSE:JOBY) stock is flying higher on Thursday after the electric vertical takeoff and landing (eVTOL) company reported a new milestone for its aircraft.
According to a press release from Joby Aviation, it completed a massive 523-mile-long eVTOL flight. This flight was made with an aircraft running off of a combination of electricity and hydrogen. The company notes the only byproduct of the flight was water.
It also highlights that this will allow for much longer transits than what’s possible with just an electric aircraft. It uses trips between San Francisco to San Diego, Boston to Baltimore, and Nashville to New Orleans as examples of this.
What’s Next for JOBY Stock
JoeBen Bevirt, Founder and CEO of Joby Aviation, said the following about the news and how it affects the company.
“The vast majority of the design, testing and certification work we’ve completed on our battery-electric aircraft carries over to commercializing hydrogen-electric flight. In service, we also expect to be able to use the same landing pads, the same operations team, and Joby’s ElevateOS software that will support the commercial operation of our battery-electric aircraft.”
JOBY stock is up 16% as of Thursday afternoon. However, the shares are still down 1.9% year-to-date.
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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.
