Why Joby Aviation Stock Flew Higher Today

Joby continues to lead the race toward Federal Aviation Administration certification.

Its urban air mobility business is growing rapidly in preparation for its eVTOL entering service.

It's been a difficult year for electric vertical takeoff and landing (eVTOL) company Joby Aviation (NYSE: JOBY) , and despite today's more than 5% increase, the stock is still down more than 37% year to date. That said, the recent second-quarter results and news flow are positive for the stock, and it's no surprise to see it bouncing today.

As readers already know, the eVTOL market is surprisingly diversified , with some companies ( Archer Aviation ) following an original equipment manufacturer (OEM) model, others ( Boeing's Wisk) following an all-autonomous eVTOL model. Then there's Joby's vertically integrated transportation-as-a-service (TaaS) model.

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In addition, Joby is largely developing its own technology, although it has significant investment from Toyota, with the auto giant also working with Joby to help scale eVTOL production.

The key to realizing its TaaS plans lies in progressing toward Federal Aviation Administration (FAA) certification and developing the urban air mobility business bought from Blade last year.

The good news is CEO JoeBen Bevirt declared that "we just had our strongest quarter yet in terms of progress on the fifth and final stage of type certification" on the earnings call. Bevirt further confirmed Joby had "five of our electric air taxis in the air, including our first FAA conforming aircraft."