Latest news with #ReindustrializeConference
New York Post
6 days ago
- Business
- New York Post
Futuristic air-taxi firm Joby expands NYC, global footprint with $125M deal as it nears fed certification for passengers
WASHINGTON — The futuristic air-taxi firm Joby Aviation is expanding its footprint in New York City and other major urban centers globally with the $125 million acquisition of one of its competitors' subsidiaries, as it nears final certifications from the feds to begin flying passengers next year. The Santa Cruz, California-based firm agreed Monday to buy Blade Air Mobility's passenger business after successfully carrying up to 50,000 people on helicopter and plane demonstration flights from a dozen terminals globally — with infrastructure already in place in the Big Apple, Europe and Dubai. 'With access to the infrastructure they have secured and the loyal customer base they have developed, we will be in the best possible position to launch our quiet, electric aircraft as soon as certification is secured,' Joby Aviation CEO and founder JoeBen Bevirt said in a statement. 5 The aerospace company rolled out a prototype to display in Grand Central Station, giving a glimpse of the craft that could soar New Yorkers above clogged roads and crowded subways. scott rounds The aerospace company rolled out a prototype to display in Grand Central Station, giving a glimpse of the craft that could soar New Yorkers above clogged roads and crowded subways from lower Manhattan to catch a departing flight at JFK Airport in under seven minutes. Blade will add terminal spaces at JFK and Newark Liberty Airport to Joby's infrastructure, in addition to other bases for takeoff and landing on the East Side and West Side of Manhattan as well as Wall Street. President Trump had signed an executive order in June launching a pilot program for air taxis, also known as eVTOLs, that spurred Joby and other firms to seek federal certifications for flying passengers commercially. 5 'With access to the infrastructure they have secured and the loyal customer base they have developed, we will be in the best possible position to launch our quiet, electric aircraft as soon as certification is secured,' said Joby Aviation CEO And founder JoeBen Bevirt in a statement. Getty Images for Reindustrialize Conference With the new acquisition, Joby is in a better position to begin rolling out its own commercial flights next year and eventually make commuting like 'The Jetsons' in the vertical-takeoff aircraft a feature of everyday life. As of June, the electric air taxi firm reached 80% compliance in the final stage of its certification process with the Federal Aviation Administration (FAA) after having secured hundreds of millions of dollars in investments in recent years from companies including Uber, Toyota and Delta. That included an exclusive partnership that will let passengers book flights around town from the ride-sharing platform's app — now with the addition of the Blade app following Monday's agreement. 5 'It's crystal clear from their progress on certification to the successful demonstration flights in New York and Dubai that this is the best possible home for our fliers, our team and our partner,' said Rob Wiesenthal, Blade's CEO. Other leading eVTOL makers include Beta Technologies and Archer Aviation. 'It's crystal clear from their progress on certification to the successful demonstration flights in New York and Dubai that this is the best possible home for our fliers, our team and our partner,' said Rob Wiesenthal, Blade's CEO, who will remain in charge of the passenger business at Joby. As part of the agreement, which will be finalized in the coming weeks, the New York-based company will restructure its medical transport division — one of the largest transporters of human organs for procedures — as Strata Critical Medical, a separate, publicly traded company chaired by Wiesenthal. 5 The deal will allow Joby aircraft to be the preferred partner for its medical missions, which accounted for the majority of Blade's revenue. 'Blade's mission since inception has been to accelerate the transition from traditional rotorcraft to electric aircraft,' he said. 'There is no stronger company than Joby to help make this mission a reality, for the benefit of all our stakeholders, including our fliers, employees, partners, and the cities we serve.' The deal will allow Joby aircraft to be the preferred partner for its medical missions, which accounted for the majority of Blade's revenue. Some Republicans and sources close to the White House had indicated Joby's financial ties to billionaire Reid Hoffman — a known anti-Trump, Silicon Valley donor who backed Vice President Kamala Harris in 2024 — could have been a stumbling block in the certification process. 5 Some Republicans and sources close to the White House had indicated Joby's financial ties to billionaire Reid Hoffman, a known anti-Trump, Silicon Valley donor who backed Vice President Kamala Harris in 2024. REUTERS A Joby spokesperson previously told The Post that the company, founded in 2009, had 'been actively engaged with the Administration, including the White House, DOT and legislators on certification' and 'received strong, bipartisan support across the board. But Hoffman, who provided some initial seed funding nearly four years ago as part of a SPAC deal, was replaced on Joby's board last year by investor Michael Thompson, who donated $200,000 to Tesla CEO Elon Musk's America PAC to help re-elect Trump in June 2024, Federal Election Commission filings show. Thompson has spurred the imaginations of innovators by suggesting that, along with the first passenger flights on its aircraft, Joby could replicate the Wright Brothers take off from the White House in 1911 — and land one of the firm's air taxis on the South Lawn before Trump leaves office.
New York Post
30-07-2025
- Automotive
- New York Post
Ford shares slide as automaker takes $800M hit from tariffs, cuts profit forecast
Ford Motor said Wednesday that US tariffs on imported vehicles, as well as materials like steel and aluminum, will likely cost more than expected for the year, and the automaker's shares slid about 3% in after-market trading. Ford reported that second-quarter results took an $800 million hit from tariffs, a less pronounced impact than some of its US rivals thanks to Ford's strong domestic manufacturing base. For the full year, the automaker lifted the higher range of its projected hit to gross revenues from tariffs by $500 million, to $3 billion. Ford CEO Jim Farley said the company is in daily contact with the White House, with an ultimate goal of reducing its tariff costs, especially on parts tariffs. 'We see there's a lot of upside depending on how the negotiation goes with the administration,' Farley said. Advertisement 3 Ford reported that second-quarter results took an $800 million hit from tariffs, a less pronounced impact than some of its US rivals thanks to Ford's strong domestic manufacturing base. Getty Images Chief Financial Officer Sherry House said Ford raised the projection because duties on Mexico and Canada have remained higher for longer than expected. She also cited elevated levies on aluminum and steel. The Dearborn, Mich., automaker also issued guidance for annual results on Wednesday, after suspending it in May to assess the impact of President Trump's tariffs. Advertisement Ford said it now plans to record full-year adjusted earnings before interest and taxes of $6.5 billion to $7.5 billion, down from its February 2025 projection of between $7.0 billion and $8.5 billion. For the latest quarter, the auto giant reported a 21% decrease in earnings per share to 37 cents, beating LSEG analysts' expectation of 33 cents. Ford recorded a net loss for the quarter of $36 million, which it said was primarily due to special charges related to cancellation of a three-row electric SUV, and field service actions from a $570 million recall. Ford posted revenue of $50.2 billion for the quarter, up 5% from a year earlier. The automaker has clawed away market share from rivals with aggressive discounting programs and a 'zero, zero, zero' campaign, which offers shoppers a $0 down payment, zero percent interest for 48 months, and zero payments for the first 90 days on most vehicles. 3 Ford CEO Jim Farley said the company is in daily contact with the White House, with an ultimate goal of reducing its tariff costs, especially on parts tariffs Getty Images for Reindustrialize Conference Advertisement 'The substantial revenue outperformance demonstrates Ford's pricing power, but margin compression suggests underlying cost pressures remain problematic,' CFRA Research analyst Garrett Nelson said in a note. Gasoline-powered vehicles notched a 15.5% increase in the quarter on the back of these deals. Hybrid offers were also popular with shoppers in the quarter. Ford said results for the quarter ending in June were $800 million lower because of Washington's tariffs. Competitor General Motors reported steeper tariff headwinds, with a $1.1 billion hit for the quarter, largely from imports on its entry-level Chevrolet and Buick models made in South Korea. GM has projected a $4 billion to $5 billion tariff impact for the year, with plans to offset 30% of that expense. Ford has said it expects to offset $1 billion of its gross tariff costs. Advertisement Jeep-maker Stellantis said tariffs were expected to add $1.7 billion in expenses for the year. The White House did not reply to an email requesting comment on the automakers' projections. In the past, Trump has said the levies will bring manufacturing power and jobs back to the US 3 Ford posted revenue of $50.2 billion for the quarter, up 5% from a year earlier. Bloomberg Ford boasts domestic production for around 80% of the vehicles it sells in the US, about 25% more than its two Detroit rivals, according to business analytics firm GlobalData's review of last year's imports. While this foundation has made it more resilient to tariffs, it still faces steep levies on aluminum, steel and copper that have rocked the industry. Additionally, executives have said that a pinched supply of rare earth magnets from China has disrupted production this quarter. Ford's EV investments and quality problems remained among its greatest challenges. Before tariffs hit, the automaker earlier this year said it expected to lose up to $5.5 billion on its EV and software business in 2025. It recorded a $1.3 billion operating loss on this segment for the quarter. Elimination of a $7,500 consumer tax credit in September is expected to additionally dampen EV sales growth. The automaker is also battling costly quality issues and an industry-topping volume of recalls. Reducing these problems has been a priority for Jim Farley since he took on the role in 2020.
