Joby shares jumped 20% after the maker of electric air taxis said it received $250 million from Toyota. The payment is part of a previously announced deal from the carmaker to invest $500 million in Joby to support certification and commercial production. Attendees view a Joby Aviation electric vertical take-off and landing (eVTOL) aircraft during an event at Edwards Air Force Base in Edwards, California, US, on Monday, Sept. 25, 2023. Air taxi start-up Joby Aviation Inc. today announced it has delivered its first eVTOL to the US Air Force. Bloomberg | Bloomberg | Getty Images
Joby Aviation shares jumped 20% Wednesday after the maker of electric air taxis said it received $250 million from Toyota.
The payment is part of a previously announced deal from the carmaker to invest $500 million in the company to support certification and commercial production of its electric air taxis. Toyota announced the deal in October.
“We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design,” said CEO and founder JoeBen Bevirt in a