Joby Aviation shares pop nearly 29% as electric air taxi maker closes $250 million Toyota investment

Attendees view a Joby Aviation electric vertical takeoff and landing, or eVTOL, aircraft during an event at Edwards Air Force Base in Edwards, California, on Sept. 25, 2023. Joby 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." ... Read full article.