Investors interested in flying cars and all things futuristic will want to know more about Joby Aviation (NYSE:JOBY). That’s because JOBY stock represents the next step in the evolution of transportation.

This is the first U.S. publicly listed eVTOL (electric Vertical Take Off and Landing) vehicle company out there. That alone should have your interest piqued. But what if I told that this company had also secured a partnership with Uber (NYSE:UBER) — and had enough cash to bring its vehicles to the commercial stage?

You’re probably even more interested now, right? If not already fully onboard? However, that’s not where the pluses with Joby Aviation stop — investment banks like Morgan Stanley see the eVTOL market as a potentially multi-trillion-dollar opportunity.

So, here’s what you should know about JOBY stock moving forward.

JOBY Stock: An Incredible Rise

It would be fair to characterize Joby Aviation’s ascent as an American success story. This company began in 2009, in the mountains above Santa Cruz, California, when seven engineers combined efforts to bring an electric flying vehicle to fruition. Three short years later, Joby was handpicked to collaborate with NASA on several electric flight projects. That auspicious start proved to be part of something much bigger.

Fast forward another three years and Joby Aviation would have a subscale prototype. The company then scaled that prototype up to full size within two years, when it began flying on a test basis. The vehicle then evolved into a production prototype by 2019, the same year the company joined forces with Toyota (NYSE:TM). 

Since then, this company has achieved numerous other accolades, including U.S. Air Force approval, an expanded Uber partnership and a clear path toward Federal Aviation Administration (FAA) approval. 

Sounds pretty promising, right? Well, it is. But all of this progress requires one thing: capital. Fortunately for JOBY stock investors, though, the company looks to be in great shape from that perspective as well. 

A Worthy SPAC Deal

Back on Aug. 11, Joby Aviation became the first publicly traded, U.S.-based eVTOL company following a business combination. Moreover, that business combination with Reinvent Technology Partners has resulted in Joby being flush with cash. The special purpose acquisition company (SPAC) deal means it has $1.6 billion in cash and proceeds on its balance sheet. 

That $1.6 billion is expected to keep Joby moving through 2024, when investors can expect commercial operations to begin. All in all, JOBY stock could represent equity ownership in the pioneering force of the electric flying rideshare industry. 

That assertion aside, the $1.6 billion in business combination proceeds and cash is also slated to be utilized for manufacturing. Joby Aviation anticipates it will begin building its “first large-scale production facility later this year.”

The Uber of the Skies

Jumping back to one of JOBY stock’s many accolades, we should look closer at the expansion of its partnership with Uber. You’re probably wondering what that partnership might actually produce. 

Joby Aviation’s electric vertical takeoff and landing vehicle has capacity for a pilot and four passengers. So, ultimately we’re looking at a situation in which Uber takes to the skies via this company’s state-of-the-art vehicles. 

The vehicle itself has a range of over 150 currently. If Joby can somewhat increase that range by 2024, it’s possible that you and three friends could even Uber from Washington, D.C. to New York City — well above all of the traffic. 

The Verdict on JOBY Stock

All in all, I think that JOBY stock represents a great opportunity right now. It’s flush with cash following the SPAC business combination. Plus, it has an amazing story. Frankly, it could be a huge name in the future. 

In fact, Morgan Stanley is so bullish on eVTOL growth that it anticipates the broader market could ultimately hit $9 trillion in value by 2050. 

If that’s not a reason to be interested in JOBY stock, what is?

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.