Joby Aviation Inc. (JOBY) stock plunged during current market trading session. Here’s what’s happening?

Joby Aviation Inc. (NASDAQ: JOBY) stock declined by 18.69% in the current market trading session. Joby Aviation is a transportation firm based in California that is building an all-electric vertical takeoff and landing aircraft that it plans to launch in 2024 as part of a quick, silent, and convenient air taxi service.

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JOBY stock’ Current Update

As part of NASA’s Advanced Air Mobility (AAM) National Campaign, Joby Aviation became the first firm to fly an all-electric vertical takeoff and landing (eVTOL) aircraft this week.

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NASA’s AAM National Campaign aims to boost public confidence in developing aviation markets like passenger air taxis by conducting flight tests in realistic circumstances and analyzing data to help set regulatory standards for these platforms.NASA and Joby will collaborate throughout the two-week test session at Joby’s Electric Flight Base near Big Sur, California, to investigate the acoustic signature of the all-electric Joby aircraft, which the firm plans to launch as a commercial passenger service in 2024.

Davis Hackenberg, NASA AAM mission integration manager stated,

NASA is pleased to continue their collaboration with Joby by collecting critical aircraft safety and noise data that will help to shape an aviation future that includes Advanced Air Mobility (AAM) operations. NASA’s research operations and eventual standardization of developing aircraft configurations rely heavily on data from industry experts like Joby. For the United States to become a pioneer in the making of a safe and sustainable AAM ecosystem, industry partnerships are essential.

JoeBen Bevirt, founder and CEO at Joby stock commented,

Since their first partnership in 2012, NASA has been a vital facilitator in the shift to electric aircraft, and they’re happy to have collaborated on many ground-breaking projects with them. It’s a dream come true for them to be the first eVTOL firm to fly as members of the AAM National Campaign, paving the path for a more stable future.

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They made it a priority from the start to design an aeroplane that not only has a low noise level but also blends in with its surroundings. They’ve always believed that having a small acoustic imprint is vital to make aviation a practical part of daily life without sacrificing quality of life, and they’re thrilled to fly with NASA, one of the key long-time electric flight partners, to illustrate their aircraft’s acoustic profile.

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