Key Points
Joby Aviation shares have plunged 73% from their 52-week high.
Dubai commercial air taxi operations could begin before year-end.
Paying passengers could provide a major catalyst for Joby shares.
Joby Aviation (NYSE: JOBY) has fallen roughly 73% from its 52-week high, with shares recently trading around $4.69. However, the electric aircraft manufacturer could be approaching a milestone that changes how the market values the company: its first commercial air taxi service in Dubai.
Joby has spent years developing its electric vertical takeoff and landing (eVTOL) aircraft. Now, the company is preparing to move beyond testing and begin transporting passengers, and Dubai could provide the first real evidence that its business model works.
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Dubai could change everything
Joby is planning its first passenger operations in Dubai before the end of 2026. The company has an agreement with Dubai's Roads and Transport Authority that gives it six years of exclusive air taxi operating rights following the launch of commercial service.
The initial network calls for four vertiports, including one near Dubai International Airport, where Joby's aircraft could eventually cut the trip between the airport and Palm Jumeirah from about 45 minutes by car to just 10 minutes by air. But keep a close eye on the timeline.
Image source: Getty Images.
Joby did complete a crewed flight between two UAE locations in November 2025. Its next challenge is securing the necessary approvals and demonstrating that it can operate a reliable passenger service.
Certification is key
Dubai's launch still depends on regulatory approvals, operational readiness, and completed infrastructure. Even a successful Dubai launch won't immediately make Joby profitable. After all, initial passenger volumes could be limited, and manufacturing, maintenance, and expansion will require a lot of capital.
But commercial operations would give the market something it's been waiting years to see: paying customers using Joby's aircraft. Following a 73% decline, that could be enough to spark renewed interest in the stock. A delayed launch, however, could put additional pressure on shares. So, indeed, the next two months could be especially consequential for Joby.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.