Joby Aviation, Inc. (JOBY) Soars Almost 29% After Securing $250 Million Investment from Toyota
Joby Aviation, Inc. (NYSE:JOBY) stock surged significantly on Wednesday after the electric air taxi developer announced it had received a $250 million investment from Toyota.
This funding is part of a previously disclosed $500 million commitment from the automaker, aimed at helping Joby Aviation, Inc. (NYSE:JOBY) move closer to certification and large-scale production of its electric air taxis. Toyota initially revealed the investment plan in October.
Joby specializes in electric vertical takeoff and landing aircraft, or eVTOLs, which operate similarly to helicopters. The technology is designed to help ease urban traffic and lower emissions.
The new funding adds to Toyota's earlier $394 million investment in Joby during a Series C funding round in 2020. Toyota North America CEO Tetsuo Ogawa joined Joby's board in July 2023, and the company has had a Toyota representative on its board since 2020.
CEO and founder of Joby Aviation, Inc. (NYSE:JOBY), JoeBen Bevirt, made the following comment in the release:
'We're already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design. This is an important next step in our alliance with Toyota to scale the promise of electric flight.'
Joby Aviation, Inc. (NYSE:JOBY) closed nearly 29% higher on May 28.
While we acknowledge the potential of JOBY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than JOBY and that has 100x upside potential, check out our report about this cheapest AI stock.
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