Joby Air Taxis Going Public, Ready to Fly
Joby Aviation Going Public on NYSE
Big Tech Investors Behind the e-VTOL Company
Electric aviation company Joby Aviation is going public on the NYSE. It is using a reverse merger with a special purpose acquisition company (SPAC) to do so. The northern California company will come out of the box with a valuation of $6.6 billion. Joby is a very hot "future of mobility" company. It recently acquired Uber's flying taxi division. Joby is backed by Toyota, Intel and Jet Blue. And, the SPAC company it is merging with - Reinvent Technology - is run by Linked-In cofounder Reid Hoffman and Zynga founder Marc Pincus. As part of the SPAC deal, Joby will get $1.6 billion cash. Joby is readying its flying taxis for scaled-up takeoffs in partnership with Toyota.
Awesome eVTOL Technology
Joby was founded by inventor JoeBen Bevirt. He's developed an e-VTOL (electric vertical takeoff and landing) vehicle for use as an air taxi. The vehicle can carry a pilot and four passengers. It has top speeds of 200 mph and can travel 150 miles on a single charge. It has six rotors, takes off vertically like a helicopter and then shifts into forward flight using tilt rotors.
Air Taxi Systems
In partnership with Toyota, Joby intends to launch full service air taxi networks in 2024. Joby expects each air taxi to generate $2.2 million in revenue per year. The electric air taxis cost $1.3 million to manufacture. Joby isn't the only flying taxi company that's about to go public. So too is Archer Aviation, another e-VTOL company that plans to provide air taxi service in Los Angeles by 2024.