(Bloomberg) — Joby Aviation Inc. is working toward an agreement to sell as many as 200 of its air taxis through a major Saudi Arabian investor in a deal potentially worth as much as $1 billion.
Joby and Abdul Latif Jameel, a Jeddah-based group named after its late founder and run today by his family, have signed a memorandum of understanding “to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby’s electric aircraft,” according to a joint statement Tuesday.
That’s a first step ahead of a possible expansion throughout the Middle East, they said. No time frame was provided for when the first aircraft would be delivered or over what time period the transaction would span.
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