Joby Aviation up another 3% as Toyota closes $250M investment

Shares of Joby Aviation (JOBY) are up 3% afterhours at $7.08 following 4% gains on Tuesday. After market close, the company announced: “Joby Aviation announced the successful closing of the first $250M tranche of a previously announced strategic investment from Toyota Motor Corporation (TM). The funding marks a significant milestone in strengthening the long-term collaboration between the two companies and supports their shared vision for the future of air mobility. The investment is aimed at supporting certification and commercial production of Joby’s electric air taxi. This underscores the mutual commitment to deepening integration and delivering next generation travel to global markets. This investment also puts the two companies a step closer toward a strategic manufacturing alliance.” Joby CEO JoeBen Bevir added: “We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design. This is an important next step in our alliance with Toyota to scale the promise of electric flight. With this capital and Toyota’s legendary production expertise, we’re enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers.”