Why Joby Aviation Stock Soared 17.6% This Week
Shares of Joby Aviation (NYSE: JOBY) soared as much as 26.8% this week, according to data from S&P Global Market Intelligence. The air taxi start-up is currently up 17.6% this week as of 3:47 p.m. ET on Friday, May 30. This increase is due to an announced investment from Toyota Motor into the company for a combined manufacturing partnership. The stock shot up on the announcement but has since given back some of its gains.
Here's more about why Joby Aviation stock was soaring this week.
On May 27, Joby Aviation announced a new investment of $250 million from Toyota Motor, which was part of a previously announced $500 million commitment from the automotive manufacturing giant. Joby Aviation is building an electric air taxi, and this money -- along with Toyota's expertise -- will help the company move through certification and try to get its manufacturing to scale.
Source Fool.com
