Why Joby Aviation Stock Is Climbing Today
May 28 Joby Aviation (NYSE:JOBY) shares jumped more than 20% on Wednesday morning after the electric air taxi developer closed a $250 million tranche from Toyota (NYSE:TM).
The payment is the first half of a previously arranged $500 million investment designed to support certification and commercial production of Joby's electric vertical takeoff and landing (eVTOL) aircraft, which operate like helicopters but run on electric motors.
Warning! GuruFocus has detected 3 Warning Signs with JOBY.
CEO JoeBen Bevirt said the partnership has already helped streamline manufacturing and optimize design. He added that the latest funds will accelerate scaling and bring next-generation air taxis closer to market.
Joby also noted the deal reinforces its mutual commitment to deepening integration with Toyota, leveraging the automaker's production expertise. Investors will watch how the alliance impacts Joby's path to profitability as it readies its aircraft for commercial service in urban settings.
This article first appeared on GuruFocus.
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