Flying Cars Are Coming to Uber. Joby Stock Rises on Air Taxi Plan.

Joby Aviation is developing electric vertical takeoff and landing (eVTOL) aircraft. It recently acquired the Blade passenger air taxi business. (David Paul Morris/Bloomberg)

Hail a flying car with your ride-hailing app? Why not.

On Wednesday, Joby Aviation announced plans to bring its recently acquired Blade passenger air taxi business to the Uber app. The partnership “lays the foundation for the introduction of Joby’s quiet, zero-emissions air taxi in key markets,” reads part of the news release.

Investors look pleased initially. Joby stock traded as high as $14.36 before sliding back, losing 1.2% on the day and closing at $13.26. The S&P 500 gained 0.3% and the Dow Jones Industrial Average dropped 0.5%. Uber Technologies slipped 1.3% to $94.21.

Joby is developing electric vertical takeoff and landing, or eVTOL, aircraft that ideally will be quiet enough and safe enough to operate in densely populated urban markets. The technology conjures visions of flying cars, with families or commuters bypassing road traffic on their way to the airport or work. It plans to deploy its eVTOLs commercially in 2026.

Joby also recently purchased Blade Air Mobility’s passenger air-taxi business. Blade operates a network of helicopters, mainly around New York City. The company flew more than 50,000 passengers in 2024 from a network of 12 terminals, including locations at John F. Kennedy International Airport, Newark Liberty Airport, and Wall Street.

“Since Uber’s earliest days, we’ve believed in the power of advanced air mobility to deliver safe, quiet, and sustainable transportation to cities around the world,” said Uber Chief Operating Officer Andrew Macdonald in a news release. “By harnessing the scale of the Uber platform and partnering with Joby, the industry leader in advanced air mobility, we’re excited to bring our customers the next generation of travel.”

Investors have been excited about Joby’s potential for a while. Coming into Wednesday trading, Joby stock was up 65% so far this year and up 161% over the past 12 months.

Gains, however, have left Wall Street cool on the name. Only one out of seven, or 14%, of the analysts covering Joby stock rate shares Buy, according to FactSet. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target is about $13, a little below recent trading levels.

Joby doesn’t generate significant sales yet. Analysts project $51 million in 2026 revenue, growing to $2.1 billion by 2030.

Write to Al Root at allen.root@dowjones.com