Joby Aviation stock soars: Flying taxi company completes first successful test flights in Dubai, launch set for 2026
U.S.-based Joby Aviation, Inc., a company that is developing electric air taxis for commercial use, announced Monday that it successfully completed a series of piloted flights in Dubai, a first for the region's eVTOL aircraft sector. (eVTOL stands for electric vertical takeoff and landing.)
Joby's all-electric air taxi is designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, with minimal noise and zero operating emissions, for faster and quieter commutes, with the aim of revolutionizing travel in Dubai while reducing traffic congestion.
Shares in the company (NYSE:JOBY) were trading up over 15% in midday trading on Monday.
The United Arab Emirates is a launchpad for a global revolution in how we move,' Joby Aviation founder and CEO JoeBen Bevirt said in a statement. 'Our flights and operational footprint in Dubai are a monumental step toward weaving air taxi services into the fabric of daily life worldwide.'
According to Bevirt, the goal is for air taxis to become a 'new normal' in Dubai.
Joby plans to launch service between Dubai International Airport (DXB) and Palm Jumeirah, Dubai Marina, and Dubai Downtown, with construction already underway. The short flights are expected to significantly cut down travel time. For example, instead of a a 45-minute car ride, a trip from DXB airport to Palm Jumeirah is expected to take just 12 minutes.
A landmark 2024 agreement with Dubai's Roads and Transport Authority (RTA) granted Joby exclusive rights to operate air taxis in Dubai for six years. The company is also working with the Dubai Civil Aviation Authority (DCAA) and the United Arab Emirates' General Civil Aviation Authority (GCAA) on the project.
In a post on X, Dubai's Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said the initiative 'is part of the UAE's broader vision to lead the world in innovation and the deployment of advanced technologies.'
Joby Aviation by the numbers
Joby Aviation's first-quarter earnings for 2025, which ended March 31, were mixed, with the company posting earnings per share (EPS) of -$0.11, beating expectations of -$0.19. The company had a market capitalization of $9.05 billion at the time of this writing.
On its earnings call, Joby said it was on track to launch its commercial service in Dubai by early 2026, and is continuing to work toward FAA certification in the United States while expanding its manufacturing facilities in California and Ohio to support future growth.
In May, Joby's shares jumped about 29% after the company announced it received $250 million from Toyota, as part of its October 2024 deal for the carmaker to invest $500 million to support certification and commercial production of its electric air taxis.
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