JOBY's $250M eVTOL Deal Signals Asian Expansion: More Growth Ahead?

Core Insights - Joby Aviation (JOBY) has signed a letter of intent with Alatau Advance Air Group (AAAG) for the potential sale of eVTOL aircraft and related services valued at up to $250 million, aiming to introduce air taxi services in Kazakhstan [1][11] - The partnership is supported by a memorandum of understanding with Kazakhstan's Ministry of Artificial Intelligence and Digital Development, which will help establish the regulatory framework for Advanced Air Mobility (AAM) [2][11] - AAAG is involved in developing Alatau City, a 340-square-mile urban project that aims to be a modern hub for air taxi services in Central Asia [3] Strategic Collaboration - Joby and AAAG will explore sourcing key materials like titanium and rare earth metals from Kazakhstan to support aircraft production, highlighting Kazakhstan's role in the global aerospace supply chain [4][11] - This partnership allows Joby to expand its international presence and promote its zero-emission eVTOL technology in new markets, aligning with its global expansion strategy [5][6] Industry Context - Other eVTOL players like Archer Aviation and Eve Holding are also making strides in the industry, with Archer achieving significant milestones and Eve expanding its backlog of Letters of Intent, indicating growing global interest in eVTOL technology [7][10] - Joby's stock has seen a significant increase, outperforming its industry, although it is trading at a premium compared to the industry average in terms of price-to-book value [12][14]