Joby Aviation (JOBY) Stock Soars 20% After $500 Million Investment from Toyota

Oct 02, 2024

Joby Aviation's stock price surged over 20% after the company announced that Toyota Motors has agreed to invest $500 million to support the launch of its commercial air taxi service.

The investment will be utilized to cover certification and production costs for Joby Aviation's electric air taxis, under the leadership of CEO and founder JoeBen Bevirt. This investment is part of a seven-year collaboration between the two companies, with Toyota now having committed a total of $894 million to Joby Aviation.

Tetsuo "Ted" Ogawa, CEO of Toyota North America, mentioned that both companies share the belief that sustainable flight will be crucial in addressing ongoing mobility challenges.

At 10:22 AM ET, Joby Aviation's stock price had risen 96 cents, or 20.02%, to $5.76.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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