(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, including EV Stocks reports on trading and news for electric Aviation stock Joby Aviation, Inc. (NYSE:JOBY ), a company developing electric air taxis for commercial passenger service.
The stock made the NYSE top percentage gainers list on news that Toyota is betting big on them. The stock is trading at $6.16, up $1.36, gaining 28.35% on volume of over 65 Million shares as of this report. The stock has a day's high of $6.32.
Today Joby announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby's electric air taxi, with the aim of realizing the two companies' shared vision of air mobility.
The investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, finalization of collaborative and commercial agreements and, with respect to the second tranche, the finalization of terms related to a strategic alliance focused on commercial manufacturing and certain other conditions. The investment, which will bring Toyota Motor Corporation's total investment in Joby to $894 million, will be made in the form of cash for common stock, with the first tranche targeted to close later this year and the second in 2025. Further details of the investment are available via the companies' regulatory filings with the SEC.
"Today's investment builds on nearly seven years of collaboration between our companies," said JoeBen Bevirt, founder and CEO, Joby Aviation. "The knowledge and support shared by Toyota have been instrumental in Joby's success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel."
Joby continues to make important progress towards commercialization, recently rolling its third aircraft off its pilot production line in Marina, California, and breaking ground on an expanded facility in California that will more than double the Company's manufacturing footprint. In August 2024, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side.
"With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production," said Tetsuo "Ted" Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation. "We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges."
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