Key Takeaways Joby Aviation stock rocketed higher Wednesday after the air taxi developer said it closed a $250 million investment from Toyota Motor.The investment is part of a larger $500 million commitment from the Japanese automaker announced in October.

Joby is among a handful of companies developing eVTOL aircraft — electric vertical takeoff and landing vehicles — that plan to fly customers on short commuter journeys via battery-powered air

We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design,” said JoeBen Bevirt, founder and CEO of Joby in a press release. “This is an