Joby Aviation shares pop after closing $250 million Toyota investment

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Joby Aviation shares pop after closing $250 million Toyota investment

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 13% 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

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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.”

Joby makes electric vertical takeoff and landing aircrafts (eVTOL) which take off and land like 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.

Toyota invested $394 million in Joby in 2020.

WATCH: eVTOLS: Are flying cars finally becoming reality?

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