Joby Aviation (NYSE:JOBY) gained by leaps and bounds early Thursday. The aviation company announced a $100-million equity investment from South Korea’s SK Telecom, expanding an existing partnership. On Wednesday, shares surged 40% after the company said it received a permit to begin flight testing its first electric vehicle takeoff and landing vehicle (eVTOL).
The agreement, executed on Tuesday, paves the way for Joby to participate alongside SKT in Korea’s “K-UAM Grand Challenge.” The Challenge is a phased demonstration program, led by the Korean Ministry of Land, Infrastructure and Transport, which is designed to foster the adoption of aerial ridesharing in Korea.
Commenting on the news, CEO JoeBen Bevirt said: “Our partnership with SKT places Joby in the best possible position to capitalize on the opportunity presented by the Korean market, where we continue to see a strong drive from the government to realize aerial ridesharing.
“We’re grateful for SKT’s commitment to Joby and look forward to working with them as we develop a transformational air taxi service for Korea.”
Joby and SKT first signed a strategic collaboration agreement in February 2022, which was expanded to include TMAP, South Korea’s largest mobility platform, in May 2022. Today’s investment is expected to lead to the development of further partnerships across the mobility ecosystem in Korea, led by
JOBY shares flourished $2.51, or 28.1%, to $11.48.
