Andrew Kessel
1 min read
In This Article:
-
Joby Aviation stock rocketed higher Wednesday after the air taxi developer said it closed a $250 million investment from Toyota Motor.
-
The investment is part of a larger $500 million commitment from the Japanese automaker announced in October.
-
Joby has partnered with Delta Air Lines and Uber to bring its commercial air taxis to U.S. markets.
Shares of Joby Aviation (JOBY) popped over 25% on Wednesday after the commercial air taxi developer said it closed a $250 million investment from Toyota Motor (TM).
The funds represent the first tranche of a previously announced $500 million investment from Toyota, intended to support the production of Joby’s electric vertical takeoff and landing aircraft. Wednesday’s significant share gain brought Joby’s stock back into positive territory for the first time since late January.
“We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design,” Joby CEO JoeBen Bevirt said.
Earlier this month, Joby announced that it flew two of its air taxis simultaneously during a test flight. The Santa Cruz, California-based company has partnered with Delta Air Lines (DAL) and Uber Technologies (UBER) to bring the aircraft to the U.S. and is targeting New York and Los Angeles as launch markets, pending certification from the Federal Aviation Administration.
Recently Wednesday, Joby stock had gained 29% to $8.90.
Read the original article on Investopedia
