Joby Aviation Sparks Early Bullish Retail Chatter With Virgin Atlantic Air Taxi Deal In UK
Services in the UK could include a 15-minute flight from Manchester Airport to Leeds, or an 8-minute journey from Heathrow Airport to Canary Wharf, London’s financial district.
FollowJoby Aviation (JOBY) stock garnered retail attention after the company said it would join hands with Virgin Atlantic Airways to offer air taxi services in the UK.
The companies said that the agreement, announced on Saturday, builds on an existing partnership between Joby and Delta Air Lines to launch service in the US and UK. Delta owns stakes in both Virgin Atlantic and Joby.
Once the services are launched, Virgin Atlantic customers can book a seat on Joby’s aircraft through the airline company’s app, website, and other channels.
The companies added that services in the UK could include a 15-minute flight from Manchester Airport to Leeds, or an 8-minute journey from Heathrow Airport to Canary Wharf, London’s financial district.
Joby is developing an electric vertical takeoff and landing (eVTOL) aircraft that will likely be deployed on routes of up to 100 miles.
In February, Joby had said it is targeting "first passenger operations in late 2025 or early 2026" in Dubai and has made significant progress towards receiving a Federal Aviation Administration (FAA) certification during the fourth quarter.
The Santa Cruz, California-based company expects to offer prices comparable to premium ground ridesharing options.
The company had formally applied to have its aircraft validated for use by the UK Civil Aviation Authority in July 2022.
One Stocktwits user expected to see a ‘massive pump,’ while another hoped that the stock would hit $12 soon.
Bloomberg News reported, citing Joby CEO JoeBen Bevirt, that one of the issues before launch is securing the take-off and landing sites, or vertiports. Joby plans to own and operate some of these and seeks municipalities and third-party investors to help build the infrastructure.
Over the past year, Joby stock has gained 17.8%.
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