Delta Air Lines Aims To Pioneer Home-To-Airport Transportation: Why Joby Aviation Stock Is Rising

Joby Aviation Inc JOBY shares are trading higher Tuesday after Delta Air Lines Inc DAL announced a partnership with the company to pioneer home-to-airport transportation. 

The companies will work together to provide customers who travel with Delta the opportunity to reserve a seat for short-range journeys to and from city airports.

Delta has made an upfront equity investment of $60 million in Joby. The company also has the opportunity to expand its total investment up to $200 million as the partnership reaches new milestones on the development and delivery of the service. 

"Delta always looks forward and embraces opportunities to lead the future, and we've found in Joby a partner that shares our pioneering spirit and commitment to delivering innovative, seamless experiences that are better for our customers, their journeys, and our world," said Ed Bastian, CEO of Delta.

Joby is a California-based transportation company developing an all-electric vertical take-off and landing aircraft.

Related Link: Delta Partners With Flying-Taxi Maker For Rides To Airports

JOBY Price Action: Joby Aviation has a 52-week high of $7.60 and a 52-week low of $3.61.

The stock was up 4.16% at $4.01 at time of publication, according to Benzinga Pro.

Photo: courtesy of Joby Aviation.