Why Joby Aviation Stock Is Soaring Today

Shares of Joby Aviation (NYSE: JOBY) are flying higher on Wednesday. The company's stock spiked 30.2% as of 2:21 p.m. ET. The jump comes as the S 500 and the Nasdaq Composite were mostly flat.

The company, which develops electric vertical take-off and landing (eVTOL) aircraft, announced yesterday after the market closed that it has received $250 million from , the first tranche in $500 million of previously announced funding.

While the funding was not unexpected -- the total $500 million strategic investment had already been announced -- actually receiving it sparked renewed enthusiasm for the company and its relationship with the storied vehicle maker.

Source Fool.com