Joby Aviation (JOBY, Financial) shares inched up about 2% to $6.37 on Monday morning trading following a strategic tie-up with Virgin Atlantic. The Santa Cruz, California-based air taxi firm will launch its service across the United Kingdom, leveraging Virgin Atlantic's hubs at Heathrow and Manchester.
The new arrangement builds on Joby's existing deal with Delta Air Lines (DAL, Financial), which owns a 49% stake. The partnership is designed to provide short-range air taxi connections linking regional and urban centers.
Joby announced that Type Inspection Authorization flight testing is set to begin within the next 12 months, with plans to deliver an aircraft to Dubai by mid-2025 to complete the testing process.
The tie-up is expected to rapidly accelerate the rollout of on-demand air taxi services as urban congestion drives demand for sustainable transport.
