Joby Aviation (JOBY) stock soared 12% on Monday after it delivered its first flying taxi to the United Arab Emirates and completed a successful piloted test flight. The California-based company said this eVTOL (electric vertical takeoff and landing aircraft) marks a key step toward launching air taxi service in the region as early as 2026. The move brings Joby closer to making air taxis a real part of city travel — and has investors closely watching what happens next.
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Dubai Becomes Launchpad for Flying Taxis
Joby’s delivery follows a February 2024 deal with Dubai’s Road and Transport Authority. The agreement gives the company exclusive rights to operate air taxis in Dubai for six years. The plan also includes building vertiports across the city. One is already under construction at Dubai International Airport, with others planned for Palm Jumeirah, Downtown, and the Marina.
Joby said it has already completed successful piloted test flights in the UAE. CEO JoeBen Bevirt called it a “monumental step” and described the UAE as a “launchpad for a global revolution in how we move.”
Investor Buzz Grows on Middle East Expansion
Joby isn’t stopping with Dubai. Earlier in June, its stock rose over 10% after Saudi-based firm Abdul Latif Jameel announced plans to invest up to $1 billion for the purchase of 300 of Joby’s electric air taxis. The news boosted investor confidence in Joby’s global growth plans and long-term demand. Abdul Latif Jameel had also backed Joby in its Series C funding round, adding further financial strength to the company.
With demand for air taxis rising globally, Joby has gained about 30% so far in 2025, lifting its market cap to about $9 billion. While safety and regulatory hurdles remain, the aircraft’s low-emissions and ability to ease urban traffic make it hard to ignore.
Is Joby Stock a Good Buy?
Wall Street has a Moderate Buy consensus rating on Joby Aviation stock based on three Buys, three Holds, and one Sell recommendation. The average JOBY stock price target of $8.86 implies 16.02% downside potential from current levels.
