Here's Why Joby Aviation Stock Took Off Vertically This Week

Key Points

• Air taxis moved one step closer to commercialization this week.

• Joby Aviation has heavyweight backers, including Toyota, which is helping ensure the commercial viability of its growth plans.

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Joby Aviation (NYSE: JOBY) soared by 47.2% this week on news of the expansion of an existing manufacturing site in Marina, California. The expansion is a key part of its growth plan as it prepares to scale up production of its air taxis in anticipation of entering the market.

Heavyweight backing

There's no shortage of investment in the electric vertical takeoff and landing (eVTOL) market, and several competitors are developing air taxis. Still, as Tesla investors will argue regarding their company's robotaxi ambitions, the company that has the ability, know-how, and financial resources to create a commercially viable product will ultimately prevail.

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That observation equally applies to Joby Aviation, and while it doesn't have a manufacturing history behind it (unlike Tesla), it does have the substantive backing of a company that does, Toyota Motor. It also has received investment from two transportation heavyweights, Uber Technologies and Delta Air Lines.

Toyota's investment (totaling about $890 million) includes a recent $250 million investment "aimed at supporting certification and commercial production of Joby's electric air taxi," and Joby's CEO, JoeBen Bevirt, has previously lauded Toyota's help in "streamlining manufacturing processes and optimizing design."

Image source: Joby Aviation.

The ongoing backing of Toyota is significant and provides strong support for the idea that Joby Aviation's air taxis will scale up commercially, as does this week's news.

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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Uber Technologies. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.