“Actions speak louder than words and are more to be regarded” is a famous phrase that has rung loud and true since 1736 when the saying first appeared in an American document entitled Melancholy State of Province. The author is aptly called ‘A Gentleman from Boston’ who is writing to a friend about the Massachusetts banking system.
Joby Aviation and Founder/CEO, JoeBen Bevirt, know this saying well. Not only has the company employed it to its best effect during the last week, but has shown their eVTOL compatriots that actions and not words are the best form of retaliation against stock market shorters, determined to maliciously destroy the credibility of a company.
The above story first broke 12 days ago when research company, Bleeker Street, published an article charmingly entitled ‘Joby Aviation…is Set To Crash and Burn’.
The primary thrust being that Joby has overstated the number of aircraft it is capable of constructing. Then throw in the crash in February; uncertainty around FAA certification approval; question the start of commercial operations in 2024; alongside the past record of startup failures in the general aviation market… this sizzling cauldron of conjecture, fear and doubt, is sufficient to sound the mega-buck bells for every market shorter around the globe, to jump onboard and in unison, drive a company’s share price down.
So what do you do when faced with such a barrage of stock market hostility?
Previous eVTOL victims like Lilium remained silent. EHang, on the other hand, went all out attack with Founder and CEO, Huazhi Hu, vociferously railing at the shorter, Wolfpack Research. And Joby? You do what the Gentleman from Boston suggests.
Within days of the Bleeker Street report, Joby calmly used Twitter for its response. Initially, two tweets were posted on October 10th.
We’re excited to be welcoming more than 100 people to Marina, California to take a look at our pilot aircraft manufacturing facilities. [1/2]
We’ll be posting content from the event from Thursday onwards, so stay tuned for the inside scoop from the event and a behind the scenes look at our aircraft. #eVTOL #SustainableAviation [2/2]
Three days later more comments were tweeted alongside a video and a series of photos.
Today, we’re excited to open the doors of our pilot production facilities in Marina, CA, at our inaugural Field Trip, to share our progress on manufacturing and testing of our eVTOL aircraft.
Guests at Joby’s inaugural Field Trip event last week were able to witness our pre-production prototype aircraft completing a flight test in real life. Here’s a little bit of what they experienced!
And then the piece de resistance.
Earlier this week, we announced our exclusive partnership and investment from Delta Air Lines that is set to “revolutionise how people travel” in both the U.S and UK markets.
This is Delta, one of the largest airlines in the world.
: USD60 million initial investment with the potential of USD200 million.
: An operational partnership “to deliver sustainable home-to-airport transportation to its customers, beginning in New York and Los Angeles.”
: Companies to integrate a Joby-operated service into Delta’s customer-facing channels, providing customers who travel with Delta through New York and Los Angeles the opportunity to reserve a seat for short-range journeys to and from city airports.
: The collaboration will be mutually exclusive across the U.S and UK for five years following commercial launch, with the potential to extend that period.
Joby followed this news up a day later by tweeting:
It’s been a blast opening the doors to our pilot manufacturing facility. Thank you to everyone who joined our inaugural Field Trip today in Marina, CA! Stay tuned for more content over the next week!
We’ve come a long way from the subscale aircraft, built in 2015.
On the back of this news flow, the Joby share price has risen from its recent low of USD3.85 and yesterday stands at USD4.48 (Monday).
Yet, momentum is important to keep a share price rising, so, with all eVTOL eyes on the Osaka Expo in 2025, Joby has announced an application to Japan’s Civil Aviation Bureau (JCAB) for the validation of an FAA type certification, believed to be the first of its type, alongside another announcement that Q3 2022 financial results will be released on November 2nd.
When a company counteracts negative press with positive news and actions, that not only shows care and understanding for the pain and financial worries of its investors, but offers a shared experience of facing the slings and arrows, leading to a greater sense of ‘togetherness’ and loyalty. Remaining silent or hotly refuting the shorting perpetrators’ claims, perhaps, lacks a certain integrity and even sincerity.
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(Images: Joby Aviation)