Joby Aviation's stock rallies on heels of Toyota's $500 million investment

By Steve Gelsi

Stock rises more than 10% as its seven-year collaboration with Toyota continues

Joby Aviation Inc.'s stock was up nearly 11% on Wednesday after the electric-air-taxi company said Toyota Motor Corp. agreed to invest $500 million behind the commercial launch of its business.

The money will help pay for the certification and production of Joby Aviation's (JOBY) electric air taxi under its Chief Executive and founder JoeBen Bevirt.

All told, Toyota (TM) (JP:7203) has now committed $894 million to Joby as part of a seven-year collaboration between the two companies.

"We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges," Toyota North America CEO Tetsuo "Ted" Ogawa said.

Including Wednesday's moves, Joby Aviation's stock is down 19.8% so far in 2024, while the Nasdaq has risen by 18.5%.

-Steve Gelsi

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10-02-24 0959ET

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