Joby Aviation shares quickly gain altitude on Delta investment

Joby Aviation Inc. JOBY, +7.01% shares rallied 16% in premarket trades Tuesday after the air taxi developer said it received a $60 million upfront equity investment from Delta Air Lines Inc. DAL, -1.21% to operate all-electric, vertical take-off and landing aircraft for customers initially in New York and Los Angeles. Delta will make a total investment of up to $200 million as further milestones are achieved. “The partnership will deliver a premium, differentiated service for Delta customers alongside Joby’s standard airport service,” the company said. Shares of Delta rose 2.2% in premarket trades.