Shares of several electric vertical take-off and landing (eVTOL) companies including Lilium N.V. LILM, Archer Aviation, Inc. ACHR and Vertical Aerospace, Ltd. EVTL are trading higher on Wednesday. The move appears to be in possible sympathy to Joby Aviation Inc's JOBY Federal Aviation Administration (FAA) certificate announcement.
What To Know:
Joby Aviation announced it has received a Special Airworthiness Certificate for the first aircraft built at its Pilot Production Line in Marina, California. The Special Airworthiness Certificate was issued by the Federal Aviation Administration and allows Joby to begin flight testing of its first production prototype.
JoeBen Bevirt, founder and CEO of Joby, said: "Today's achievement is the culmination of years of investment in our processes and technology and it marks a major step on our journey to scaled production."
JOBY shares jumped over 40% on the news and shares of related companies appear to be getting a boost from the announcement. Lilium, Archer Aviation and Vertical Aerospace are all working on developing eVTOL technologies.
A new regulatory filing from Tuesday showed that Stellantis recently increased its stake in Archer Aviation to 10.6%. On Monday, Lilium announced that it received G-1 certification from the FAA. Momentum appears to be picking up in the broader eVTOL space.
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LILM, ACHR, EVTL Price Action: According to Benzinga Pro, shares of Lilium are trading over 23% higher at $1.64, shares of Archer Aviation are over 14% higher at $3.90 and shares of Vertical Aerospace are more than 5% higher at $1.88 at the time of publication.
Image: ArtisticOperations from Pixabay
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