Joby Aviation (NYSE:JOBY) shares are on the rise today after the electric vertical take-off and landing (eVTOL) aircraft developer signed an agreement with the Road and Transport Authority (RTI) in Dubai to introduce air taxi services in the region by early 2026. The company is aiming for initial operations as early as next year.
Importantly, the agreement grants Joby exclusivity to operate air taxi services in Dubai for six years and lays the groundwork to expand air taxi services across the UAE. Separately, Joby is teaming up with Skyports to build and operate four vertiport sites across Dubai.
Joby’s aircraft can ferry four passengers at speeds of up to 200 mph. In November, Joby became the first entity to conduct the first electric air taxi flight in New York. The company is also teaming up with ANA Holdings and Nomura Real Estate Development Co. (NRE) to set up vertiports in Japan.
Is JOBY Stock a Good Buy?
Despite this steady stream of positives, Joby’s share price has declined by nearly 25% over the past six months, and the stock continues to see substantial short interest. Overall, the Street has a Strong Buy consensus rating on Joby Aviation, and the average JOBY price target of $9.25 implies a substantial 56% potential upside in the stock.
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