Joby lifts after air-taxi deal with Virgin Atlantic in UK

Joby Aviation's JOBY.N shares up 2% at $6.37 early Mon after co announced tie-up with Virgin Atlantic

Santa Cruz, California-based firm on Sat said will partner with Virgin Atlantic on launch of Joby's air taxi service in the UK

Partnership builds on its existing agreement with Delta Air Lines DAL.N, which owns 49% stake in the long-haul airliner, JOBY said

Short-range journeys across the UK to begin with regional and city connections from Virgin Atlantic’s hubs at Heathrow and Manchester Airport, co said

Last month, JOBY said it expects Type Inspection Authorization flight testing to begin in next 12 months, and plans to deliver an aircraft to Dubai in middle of 2025 to complete flight testing

In Oct, Toyota Motor Corp 7203.T made an additional $500 mln investment in JOBY and is co's second largest shareholder with ~78.8 mln shares, or ~10% stake, per LSEG data

Despite advance on the session, JOBY shares down ~22% YTD

Of 9 analysts covering the stock, recommendation breakdown is 5 "buy", 2 "hold" and 2 "sell"; median PT is $9 - LSEG