Joby Aviation's shares rose following their announcement of a Memorandum of Understanding with Saudi Arabia's Abdul Latif Jameel. The partnership aims to explore opportunities for distributing Joby's electric vertical takeoff and landing (eVTOL) aircraft in Saudi Arabia. Joby, which aspires to be a rideshare service akin to 'Uber of the skies,' has garnered attention due to its innovative approach within a small market cap. Though still in early stages, this MoU indicates potential growth avenues for Joby, which seeks partnerships globally as it continues to develop its fleet and technology.
Joby has announced a potential deal with Saudi Arabian company Abdul Latif Jameel to explore distribution opportunities for its eVTOL aircraft in the region.
This Memorandum of Understanding marks a significant step, allowing both companies to evaluate future collaborations without yet committing to any sales.
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