Joby, Saudi Group Eye Air Taxi Deal Worth Up to $1 Billion

Joby Aviation Inc. is working toward an agreement to sell as many as 200 of its air taxis through a major Saudi Arabian investor in a deal potentially worth as much as $1 billion.

Joby and Abdul Latif Jameel, a Jeddah-based group named after its late founder and run today by his family, have signed a memorandum of understanding “to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby’s electric aircraft,” according to a joint statement Tuesday.