- Joby shares jumped about 29% 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.
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WATCH HEREJoby Aviation shares jumped about 29% 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 release late Tuesday. "This is an important next step in our alliance with Toyota to scale the promise of electric flight."
Joby also added that the deal reinforces the "mutual commitment to deepening integration and delivering next generation travel to global market."
Money Report
Joby makes electric vertical takeoff and landing aircrafts, or eVTOL, which take off and land similar to helicopters. Developers say the technology can be used to reduce traffic congestion and emissions.
United Airlines has partnered with competitor Archer Aviation to launch an airport air taxi service.
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