Joby Aviation Inc (NYSE: JOBY) soared nearly 20% on Monday morning after the air taxi startup announced a major operational milestone in Dubai.
According to the urban air mobility company, it has successfully completed series of piloted flight tests of its electric vertical takeoff and landing (eVTOL) aircraft – including full transition flights – in the United Arab Emirates.
In a transition flight, the aircraft is required to switch from vertical to horizontal flight, which is widely regarded as a technically complex manoeuvre.
Including today’s rally, Joby Aviation stock is up more than 100% versus its year-to-date low.
Joby Aviation remains committed to commercial flights in 2026
JOBY conducted the aforementioned tests in partnership with Dubai’s Roads and Transportation Authority (RTA) as well as its Civil Aviation Authority (DCAA).
The announcement marks a pivotal step in the company’s commitment to launch commercial air taxi services in the region by next year (2026).
Joby Aviation filed for certification with the UAE regulator in September 2024 – and the piloted flight tests it announced today accelerate its market readiness efforts.
According to JoeBen Bevirt, the company’s chief executive:
Our flights and operational footprint in Dubai are a monumental step towards weaving air taxi services into the fabric of daily life worldwide. With our visionary partners, we’re igniting a future where quiet, clean flight is the new normal.
JOBY shares have been in a sharp uptrend since April
While analysts remain mixed on JOBY shares in the near term, the Dubai milestone has injected fresh optimism into the company’s long-term outlook.
The successful piloted flights not only validate Joby Aviation’s technical capabilities but also reinforce its strategic vision of integrating air taxis into urban transport ecosystems.
As the global race for eVTOL commercialization intensifies, Joby’s progress in Dubai could serve as a blueprint for future deployments in other major cities.
For now, the market is rewarding execution – and the NYSE listed firm just took a massive leap forward on that front.
Is it worth buying Joby Aviation stock at current levels?
JOBY ended its latest reported quarter with a little more than $800 million in cash, cash equivalents and marketable securities, excluding Toyota’s $500 million investment.
This gives Joby Aviation significant financial runway to support its ambitious commercialization plans – including global certification efforts, vertiport infrastructure build-out, and scaling production of its electric air taxi.
The robust cash position also reinforces investor confidence, especially as Joby enters critical phases of regulatory approval and prepares for service launches in markets like Dubai by 2026.
That said, Wall Street currently has a consensus “hold” rating only on JOBY stock with the mean target of about $8.25 (according to Wall Street Journal) indicating potential downside of some 25% from current levels.
The eVTOL company does not currently pay a dividend either.
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