Joby Aviation Jumps on Potential $1B Partnership with Abdul Latif Jameel

• Joby Aviation Inc. (JOBY) shares rose 13.07% to $8.47 in early trading after signing an MoU with Abdul Latif Jameel to explore electric air taxi distribution in Saudi Arabia, potentially worth $1 billion for up to 200 aircraft.
• The partnership aligns with U.S.-Saudi economic collaboration, leveraging Abdul Latif Jameel’s 80-year business network to introduce Joby’s zero-emission eVTOL aircraft, with revenue potential across the Middle East.
• This deal supports Saudi Arabia’s Vision 2030 and positions Joby to lead in sustainable air mobility, addressing urban congestion and advancing regional transportation innovation.

The partnership between Joby Aviation Inc. (JOBY) and Abdul Latif Jameel, an 80-year-old diversified business conglomerate, has propelled JOBY shares up 13.07% to $8.47 in early trading on Tuesday, reflecting investor optimism about the potential for electric air taxis in Saudi Arabia. This Memorandum of Understanding (MoU) aims to explore a distribution agreement for Joby’s electric aircraft, aligning with the renewed U.S.-Saudi economic partnership focused on innovation and transportation growth. The agreement could lead to the delivery of up to 200 Joby aircraft and related services, valued at approximately $1 billion, over the coming years, with broader revenue opportunities envisioned across the Middle East.

Joby Aviation, a pioneer in electric vertical takeoff and landing (eVTOL) aircraft, is positioned to transform urban and regional mobility with its zero-emission, quiet, and efficient air taxis designed for commercial passenger service. The collaboration leverages Abdul Latif Jameel’s extensive regional expertise and business network, established over eight decades, to introduce cutting-edge aviation technology to a market with growing demand for sustainable transportation solutions. JoeBen Bevirt, Joby’s Founder and CEO, emphasized the partnership’s role in advancing a cleaner and more efficient future for air travel, highlighting Saudi Arabia as a strategic hub for regional expansion. The deal not only strengthens Joby’s global footprint but also aligns with Saudi Arabia’s Vision 2030, which prioritizes diversification and technological advancement.

The potential $1 billion deal underscores the scalability of Joby’s business model, which integrates manufacturing, operations, and service ecosystems to support eVTOL deployment. By tapping into the Middle East’s economic dynamism, the partnership could set a precedent for other regions seeking to modernize transportation infrastructure. Joby’s aircraft, capable of carrying passengers over short to medium distances, offer a solution to urban congestion and long travel times, particularly in a region with rapidly expanding cities. This MoU marks a significant step toward commercializing electric air mobility, positioning Joby and Abdul Latif Jameel as leaders in reshaping aviation for a sustainable future.

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