Kerrisdale Capital goes short on Joby Aviation over earnings concerns

  • 📰 SaltWire Network
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Explore stories from Atlantic Canada.

- Kerrisdale Capital said on Tuesday it had taken a short position on Joby Aviation over profitability concerns, sending the electric aircraft maker's shares down nearly 5%.California-based Joby said Kerrisdale has a"vested interest" in lowering its share price.

Joby plans to operate like a rideshare app, unlike other electric vertical takeoff and landing peers that intend to sell their aircraft to customers including airlines and logistics firms. Kerrisdale warned of higher operating costs as the company's electric aircraft are likely to offer lower range and power than traditional helicopters.

The U.S. aviation regulator in June gave Joby, which is backed by investors such as Delta Air Lines, Toyota Motor and Intel Corp, the nod to flight-test its electric air taxi. In its most recent quarter, the company posted a bigger-than-expected loss, citing expenses related to certification and early manufacturing operations.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in US

United States United States Latest News, United States United States Headlines