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Joby Aviation rallies after the Toyota investment pushes it closer to a strategic manufacturing alliance
Joby Aviation (NYSE:JOBY) soared in early trading on Wednesday after the eVTOL company announced the successful closing of the first $250 million tranche of a previously announced strategic investment from Toyota Motor Corporation (TM).
Joby Aviation Goes Airborne With $250 Million Toyota Investment
It is the first milestone payment installment of a planned $500 million total, and makes the carmaker the largest shareholder in the electrical vertical takeoff and landing aircraft manufacturer. Toyota now owns 15.3% of JOBY stock, more than that of Joby CEO JoeBen Bevirt.
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