Joby Aviation Receives $100 Million Investment from SK Telecom
June 29, 2023: Joby Aviation, a company specializing in developing all-electric aircraft for commercial passenger service, experienced a significant boost in its stock value today. The surge came after South Korea’s leading telecommunications company, SK Telecom, invested $100 million in Joby Aviation, expanding their partnership.
This investment sets the stage for Joby Aviation to participate in Korea’s “K-UAM Grand Challenge,” a program initiated by the Korean Ministry of Land, Infrastructure, and Transport to foster the adoption of aerial ridesharing in the country. The collaboration between Joby and SK Telecom aims to develop a revolutionary air taxi service for Korea, revolutionizing regional transportation.
JoeBen Bevirt, the founder and CEO of Joby Aviation, expressed gratitude for SK Telecom’s commitment to the company. He emphasized the value of this partnership and highlighted the strong government support for aerial ridesharing in Korea. Bevirt looks forward to working with SK Telecom to create a transformative air taxi service that will cater to the needs of Korean consumers.
This investment builds upon the strategic collaboration agreement signed by Joby and SK Telecom in February 2022. The partnership was later expanded to include TMAP, South Korea’s largest mobility platform, in May 2022. The latest investment is expected to facilitate the development of additional partnerships within Korea’s mobility ecosystem, led by SK Telecom.
Ryu Young-sang, the CEO of SK Telecom, expressed enthusiasm for promoting urban air mobility in Korea through their partnership with Joby Aviation. Young-sang emphasized this technology’s potential to reduce customers’ travel time significantly. Together, they aspire to make Korea a prominent player in mobility innovation.
In recent news, Joby Aviation received a Special Airworthiness Certificate on June 28, enabling the company to commence flight testing of its first production prototype. This prototype was built at Joby’s Pilot Production Line in California. This achievement marks a significant milestone in the company’s realization of its vision of electric air taxis.
As a result of this positive development, Joby’s stock (trading under the ticker symbol JOBY) experienced a notable surge, with shares trading higher by 17.4% at $10.52 during the premarket session on Thursday.
The investment from SK Telecom provides Joby Aviation with a substantial financial boost and opens up exciting opportunities for growth in the Korean market. With the ongoing support from SK Telecom and the milestones they are achieving, Joby Aviation is well-positioned to revolutionize air transportation and contribute to advancing urban air mobility worldwide.