Key Points
Joby Aviation (NYSE: JOBY) stock is rising in Monday’s trading. The company’s share price was up 6.5% as of 2 p.m. ET. At the same point in the daily session, the S&P 500 was up 0.7%, and the Nasdaq Composite was up 0.9%. The stock had been up as much as 11.1% earlier in the session.
Bullish momentum for the broader market is helping to lift Joby stock today. The company’s valuation is also getting a continued boost from the announcement of an electric vertical take-off and landing (eVTOL) production partnership with Toyota.
Joby is gaining amid bullish momentum for the market today
The broader market is gaining today, and Joby is benefiting from the bullish momentum. While the gains for the S&P 500 and the Nasdaq Composite are largely being led by a resurgence for artificial intelligence (AI) chip stocks after sell-offs last week, the positive valuation sentiment is extending to stocks in other categories with growth-dependent and highly speculative valuations.
Joby stock is continuing to see gains connected to its Toyota partnership
On June 30, Joby and Toyota announced that they had entered into a partnership for the manufacturing of eVTOL craft. Joby will own 49% of the Joby Toyota Aero Manufacturing Preparation Company, and Toyota will own 51%.
Toyota has long been a funding partner for Joby, but the auto giant is now stepping in to play a leading role in the buildout of manufacturing operations for Joby’s aircraft. Having Toyota on board looks like a significant win for Joby and could help the eVTOL specialist get to a place where its crafts can actually generate profits.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
