Joby Aviation Inc (NYSE:JOBY) shares surged almost 30% after it closed a $250 million investment from Toyota Motor Corporation.
The investment, the first tranche of a previously announced $500 million strategic investment, will support the certification and commercial production of Joby’s electric air taxi.
Joby CEO JoeBen Bevirt said the company was already seeing the benefits of working with Toyota, such as streamlining manufacturing processes and optimizing design.
“This is an important next step in our alliance with Toyota to scale the promise of electric flight,” Bevirt said. “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.”
Toyota North America CEO Tetsuo Ogawa added: “Our investment in Joby reflects our shared dream of mobility for all and our commitment to achieving a future of air mobility.”
Shares of Joby added 28.6% at about $8.85 on Wednesday afternoon.