Shares of Joby Aviation (JOBY) gained altitude yesterday, climbing 12% higher after announcing the electric vertical take-off and landing (eVTOL) aircraft leader successfully completed piloted test flights in Dubai. It marks a historic step toward commercial air taxi services.

Dubai has taken a big leap toward transforming urban travel as Joby Aviation completed the first test flight of its fully electric air taxi this week. The milestone marks a major step in the city's goal to launch aerial transport services by 2026 to help reduce road congestion and cut commute times.