The news comes a day after Joby shares rallied more than 40% following a key approval for test flights of Joby's first electric vertical takeoff and landing, or eVTOL, aircraft.
SK Telecom Co. Ltd.'s (017670.SE) investment expands the partnership between the two companies and "paves the way for Joby to participate alongside SKT in Korea's 'K-UAM Grand Challenge,'" Joby said in a statement.
South Korea has set a goal of commercializing urban air mobility by 2025, and the challenge, supported by the Korea's Ministry of Land, Infrastructure and Transport, is designed to foster the adoption of air taxis in Korea, Joby said.
"We're grateful for SKT's commitment to Joby and look forward to working with them as we develop a transformational air taxi service for Korea," Joby founder and Chief Executive JoeBen Bevirt said.
Bevirt founded California-based Joby nearly 15 years ago. Joby became public in August 2021 after a merger with a blank-check company.
The company claims that its aircraft will have up to 150 miles of range, and, with its ability to take off and land vertically, "will change the way we move while reducing the acoustic and climate footprint of flight."
Joby has inked partnerships with Toyota Motor Corp. (7203.TO), its largest external shareholder, Delta Air Lines Inc. (DAL) and Uber Technologies Inc. (UBER)
Toyota has invested around $400 million, and the companies recently signed a long-term agreement for the supply of powertrains and components.
Proponents say that eVOTL aircraft are quieter and safer to operate than internal-combustion-engine helicopters. Joby plans to launch commercial operations in 2025.
The stock has nearly tripled so far this year, compared with an advance of about 14% for the S&P 500 index.
Don't miss:What Delta's investor day tells you about the airlines and summer travel
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
Recent JOBY News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/04/2024 11:00:30 AM
- Joby Acquires Xwing Autonomy Division, Looks Ahead to Autonomous Flight • Business Wire • 06/04/2024 11:00:00 AM
- Joby to Present “Pre-Flight Checklist: An Introduction to Joby Air Taxi Operations” • Business Wire • 05/30/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 10:16:19 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/22/2024 09:12:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:36:29 PM
- Joby Partners with Mukamalah Aviation • Business Wire • 05/21/2024 12:50:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/20/2024 08:23:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 08:18:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 10:39:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 10:39:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:07:28 PM
- Joby Reports First Quarter 2024 Results • Business Wire • 05/07/2024 08:05:00 PM
- Joby Progresses to Next Phase of Aircraft Flight Test Program • Business Wire • 05/02/2024 12:00:00 PM
- Joby Expands California Manufacturing Facility, Rolls Second Aircraft Off Production Line • Business Wire • 04/29/2024 08:25:00 PM
- Joby Partners with Abu Dhabi to Establish Electric Air Taxi Ecosystem • Business Wire • 04/25/2024 04:35:00 PM
- Joby Aviation to Report First Quarter 2024 Financial Results • Business Wire • 04/23/2024 08:15:00 PM
- Joby Widens USAF Partnership, Will Deliver Two eVTOL Aircraft to MacDill AFB • Business Wire • 03/19/2024 09:30:00 AM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 03/11/2024 09:00:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 11:39:46 PM
- Joby Acquires Facility in Ohio, Begins Hiring to Support Initial Manufacturing Operations • Business Wire • 03/05/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/01/2024 09:36:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/22/2024 10:17:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 09:06:52 PM
- Joby Aviation Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/21/2024 09:05:00 PM
FEATURED Element79 Gold Corp Continues Fostering Local Community Engagement • Jun 4, 2024 9:08 AM
IQST - iQSTEL Announces $290 Million 2024 Annual Revenue Forecast • IQST • Jun 4, 2024 1:43 PM
ECGI Holdings Accelerates Strategic Initiatives by Securing First of Two $125,000 Convertible Notes • ECGI • Jun 4, 2024 12:15 PM
PickleJar Debuts Nationwide Contest With Brian Kelley for Fans to Win a Three-Day Bahama Cruise • NREG • Jun 3, 2024 8:45 AM
ILUS Provides an Update on the Binding Term Sheet Signed with Actelis Networks (NASDAQ: ASNS) • ILUS • May 31, 2024 12:52 PM
Element79 Gold To Provide Summary and Update on Active Exploration Program, Community Relations at RMEC on June 4 • ELEM • May 30, 2024 1:18 PM