Why Joby Aviation Stock Is Flying High Today

Toyota Motor (NYSE: TM) is upping its investment in Joby Aviation (NYSE: JOBY), providing additional capital to support the air taxi start-up's push for certification and commercial production.

Investors are taking the news as a vote of confidence, sending Joby shares up 21% at the open Wednesday and up 10% as of 10:15 a.m. ET.

Joby is one of several companies racing to commercialize small electric aircraft capable of vertical takeoffs and landings, or eVTOLs. The vehicles could one day be used to fly over traffic backups or to connect major airports to outer suburbs, but the technology is still young and certification takes time.

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Source Fool.com