Joby Aviation (JOBY) Soars 11% on Air Taxi Progress

We recently published 10 Big Names Beating Wall Street at its Own Game. Joby Aviation, Inc. (NYSE:JOBY) is one of the best performers on Monday.

Joby Aviation snapped a three-day losing streak on Monday, surging 11.3 percent to close at $17.43 apiece over renewed optimism for the electric vertical take-off and landing (eVTOL) industry.

The rally was supported by Florida’s announcement of a new test site, which it hopes to attract the next-generation air transport companies, as the US ramps up the development of air taxis in the country.

According to Florida Gov. Ron DeSantis, a new aerial test bed is set to be developed at the SunTrax facility in Polk County, which will include two vertiports and is intended for eVTOL aircraft’s take-off and landing.

“The idea would be, if they could do this to scale, if they can make it economical, it would take some traffic off the roads, because people—they could cycle through with travelers on doing that. So we’re just trying to have as many options as possible,” DeSantis was quoted as saying in a report.

Joby Aviation, Inc. (NYSE:JOBY) currently stands as one of the two leading eVTOL companies in the US, with the other being Archer Aviation Inc. (NYSE:ACHR)

Earlier this month, Joby Aviation, Inc. (NYSE:JOBY) successfully raised $591 million in fresh funds from the issuance of new shares, with proceeds to be used to fund its certification, manufacturing efforts, preparations for commercial operations, as well as general corporate purposes.

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Disclosure: None. This article is originally published at Insider Monkey.