Joby Shares Soar as Toyota Invest Another $500 Million in Its Electric Air Taxi Plans

By Michael Susin

Toyota Motor on Wednesday said it will invest an additional $500 million to support the certification and commercial production of Joby Aviation's electric air taxi as it seeks to boost air mobility.

Joby shares rallied by 22% in premarket trading after the announcement.

The carmaker said the investment will be made in two equal tranches in the form of cash for common stock. The first tranche is expected to close later this year and the second in 2025.

The investment brings Toyota's total investment in Joby to $894 million.

"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," said Joby Aviation founder and Chief Executive JoeBen Bevirt.

Joby said it continues to make progress toward commercialization as it recently rolled its third aircraft off its pilot production line in Marina, Calif,, and broke ground on an expanded facility in that state that will more than double its manufacturing capacity.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

October 02, 2024 09:38 ET (13:38 GMT)

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