Joby getting another $500M investment from Toyota, says Cantor Fitzgerald

Joby Aviation (JOBY) announced on Wednesday that Toyota (TM) will invest another $500M in Joby common stock through two equal tranches, with the first $250M tranche scheduled to close in late 2024, and the second $250M tranche closing in 2025, which Joby plans to use to further its progress in certification and commercialization of its aircraft, Cantor Fitzgerald analyst Andres Sheppard tells investors in a research note. The firm, which made no change to its Overweight rating or $10 price target on Joby shares, remains bullish on the shares over the long-term and believes Joby is among the best-positioned in the eVTOL industry to achieve FAA certification and commercialization. With this new capital injection, the company is able to extend its runway by at least three quarters, which is encouraging, Cantor adds.