Joby Aviation shares rose in premarket trading after news that one of its electric vertical takeoff and landing (eVTOL) air taxis "successfully operated" in highly controlled airspace between two California airports: Marina (OAR) and Monterey (MRY).

The 12-minute, 10-nautical-mile flight of the eVTOL air taxi in Federal Aviation Administration (FAA)-controlled airspace integrated with other aircraft and demonstrated vertical takeoff, wingborne transition, and vertical landing. This is clear evidence that commercialization will happen within this decade.

"The achievement is a major step as part of Joby's commercial market readiness," the aviation startup wrote in a press release, adding, "It's a critical measure of the maturity of the Company's path to commercialization as the flights also demonstrated the type of real-world service Joby intends to offer to the public." 

Joby has previously stated that commercial flights of its eVTOL air taxis will begin in early 2026, with a broader rollout of this revolutionary mode of transportation expected by 2028.

Shares of Joby were up 8% in New York premarket trading. Year-to-date, the stock is up 114% as of Thursday's close. Short interest stands at about 11.5% of the float, or approximately 58 million shares, with around 1.3 days to cover.

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