A long-standing relationship is at work here, with the Jameel family investing in Joby’s Series C funding round five years ago.
“The two businesses will work together to explore distribution and sales collaborations, the launch of local air taxi services, and pilot training,“ Joby said in a release. ”In the long-term,Abdul Latif Jameel and Joby also see potential revenue opportunities across the Middle East.”
In an earnings call last month, Joby Chief Executive JoeBen Bevirt said the California company had “momentum” toward production in a former U.S. Postal Service facility near Dayton International Airport. The Dayton Daily News has requested an update on those plans.
Joby makes and flies electric air taxis, touted as emissions-free craft that quietly lift off and land like helicopters but fly like airplanes, aiming to make short-hop aerial commuter travel a reality for more travelers.
The business has built five aircraft on a pilot manufacturing line in Marina, Calif. Joby says it is the only eVTOL (electric vertical takeoff and landing) company to deliver aircraft from a production line.
“This collaboration is about bringing America’s leadership in electric air mobility to the world," Bevirt said.“Together with Abdul Latif Jameel, we’re not just imagining a cleaner, safer, more efficient future, we’re building it."
Shares of Joby (NYSE: JOBY) closed up 53 cents at $8.03 Tuesday, a rise of more than 7%. The shares were higher in pre-market trading early Wednesday, as well.
Based in Jeddah, Saudi Arabia, Abdul Latif Jameel says it is involved in health, transportation, manufacturing, engineering and other businesses.
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