a $55 million contract extension to deliver up to nine air taxis to the U.S. Air Force, marking the company's first revenue-generating operations.
Unlike other electric vertical takeoff and landing manufacturers, which plan to sell aircraft to customers such as airlines and logistics companies, Joby's business model is similar to a rideshare app. "It is important as long-term investors – even more so in a challenging environment – that we maintain our approach of backing transformational companies to build new growth industries," a Baillie Gifford spokesperson said in a statement.
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