Joby Aviation, Inc. (JOBY) saw its shares soar 5.08% in intraday trading on Thursday, as investors rallied behind the company's promising progress in developing electric vertical takeoff and landing (eVTOL) aircraft, also known as flying taxis.

The surge comes on the heels of several positive developments for Joby, which has been working to bring its innovative eVTOL technology to market for over a decade. In a significant move, the Federal Aviation Administration (FAA) recently updated regulations to support the development of air taxis, paving the way for the widespread adoption of this revolutionary transportation method.

Joby is on track with its FAA certification process and has already completed three of the five stages required for approval. The company is also making strides in building the necessary infrastructure, having recently broken ground on its first "vertiport" in Dubai, where it aims to launch initial flights in the first half of 2025, with full commercialization planned for the latter part of the year.