Latest news with #JoeBenBevirt
Yahoo
a day ago
- Business
- Yahoo
Why Joby Aviation, Inc. (JOBY) Soared On Wednesday
We recently published a list of . In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against other best-performing stocks. Joby Aviation soared by 28.78 percent to close at $8.86 apiece as investors gobbled up shares following news that it closed a $250-million investment from giant carmaker Toyota Motor Corporation. According to Joby Aviation, Inc. (NYSE:JOBY), the amount represents the first tranche of the $500-million investment, aimed at supporting certification and commercial production of Joby's electric air taxi. A futuristic electric vertical takeoff and landing aircraft soaring through the sky. 'With this capital and Toyota's legendary production expertise, we're enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers,' said Joby Aviation, Inc. (NYSE:JOBY) founder and CEO JoeBen Bevirt. For his part, Toyota North America CEO Tetsuo Ogawa said that the investment reflects the two companies' dream 'of mobility for all and our commitment to achieving a future of air mobility.' Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi, which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. Overall, JOBY ranks 1st on our list of best-performing stocks. While we acknowledge the potential of JOBY, 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 10,000x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
a day ago
- Automotive
- Yahoo
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. READ MORE: and Disclosure. None. Sign in to access your portfolio
The Star
3 days ago
- Business
- The Star
Toyota becomes top shareholder in Joby Aviation
The latest tranche raises Toyota's stake to 15.3%. — Bloomberg TOKYO: Toyota Motor Corp has invested US$250mil in Joby Aviation Inc, completing the first half of a previously announced US$500mil commitment and becoming the air taxi maker's largest shareholder. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to US$894mil. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby chief executive officer (CEO) JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft – electric vertical takeoff and landing vehicles – that plan to fly customers on short commuter journeys via battery-powered air taxis. 'This milestone further cements the collaboration and alignment between our two companies,' Tetsuo 'Ted' Ogawa, CEO of Toyota North America, said in a statement Tuesday. Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the US Federal Aviation Administration and regulators in other countries is still pending. Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round. — Bloomberg Trading ideas: Samaiden, Pestech, Jati, Paradigm REIT, Bursa, MPI, THB, HLB, TM, Axiata, MISC, Genting Plantations, IOIProp, SimeProp, Kerjaya, AAX, 7-Eleven
Yahoo
3 days ago
- Business
- Yahoo
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. READ MORE: and Disclosure. None.
Yahoo
3 days ago
- Business
- Yahoo
Air Taxi Maker Joby's Stock Soars on $250M Toyota Investment
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. 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
