Electric Air Taxi Start Up Company Joby Aviation Explodes in Trading Debut

Joby Aviation made its debut on the NYSE this week after a SPAC merger and had a monumental first day of trading.

The start-up company surged more than 20% after opening at $10.62 on Tuesday.

Joby Aviation began trading under the ticker “JOBY” after combining with Reinvent Technology Partners, a SPAC run by LinkedIn co-founder Reid Hoffman and Zynga founder Marc Pincus.

Joby was founded in 2009 by CEO JoeBen Bevirt and aims to make air travel cleaner and quieter. The company is offering an electric alternative to traditional planes or helicopters for short hops.

Shares of Joby were previously listed under the ticker RTP for the special purpose acquisition company, Joby Aviation now trades under JOBY and JOBY WS.

The SPAC deal will bring the company over $1 billion, which the company intends to use to earn Federal Aviation Administration certifications, build electric aircraft and make its air taxi service operational in the U.S.

Commercial aviation contributes more than 2% of global carbon emissions, according to the International Council on Clean Transportation.

Joby intends to operate its own air taxi service, setting up “skyports” and charging stations for its planes within and beyond the U.S.

Joby Executive Chairman Paul Sciarra told CNBC, “We get to pick the routes, we get to pick the pilots, we get to pick the take-off and landing locations.”

Speaking with CNBC’s Phil Lebeau, Sciarra said, “Over time, we will add incremental levels of pilot assist and full autonomy, similar to the way you see autopilot rolling out in automobiles.”

Ahead of Joby’s market debut, Reid Hoffman said, Joby was ”‘Tesla meets Uber in the air.’”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.