Uber-Backed Joby Surges on the Promise of Air Taxis by 2024

Joby Aviation has $1.6 billion after SPAC transaction
Company finalizes merger with Reinvent Technology Partners

WATCH: Joby Aviation Executive Chairman Paul Sciarra speaks with Bloomberg Television. (Source: Bloomberg)

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By Lizette Chapman

August 11, 2021 at 10:00 AM UTC

Updated on

August 11, 2021 at 2:21 PM UTC

This article is for subscribers only.

Joby Aviation, which promises to build and operate a commercial fleet of aerial taxis by 2024, began trading Wednesday, testing the imaginations of public investors. The shares surged more than 12% during the first hour of trading.

Since its founding in 2009, Joby has sold the likes of Uber Technologies Inc. and Toyota Motor Corp. on its plan to build a new kind of passenger drone and has raised more than $700 million in private capital. A merger this week with a special purpose acquisition company leaves Joby with more than double that amount on its balance sheet.