While Joby's stock has badly underperformed the S&P 500 in 2024 (see graph below), the long-term potential remains substantial. Joby Aviation's strong partnerships, global expansion efforts, and certification progress position it as a leading contender in the eVTOL space.

Shares of Joby Aviation (NYSE:JOBY) were launched more than 20% higher in Wednesday’s premarket trading thanks to another $500M investment by Japanese carmaker Toyota Motor Corp (NYSE:TM). The investment will enable Joby (JOBY) to expand its commercialization of an electric air taxi and bring Toyota’s (TM) total investment in Joby (JOBY) to $894M.

Japanese auto giant Toyota Motor is investing $500 million in Joby Aviation to support the U.S. electric air taxi company’s launch of commercial passenger services, which are slated to begin as soon as next year.